Ask An Advisor - Should You Invest in RRSPs or TFSAs? The Answer Might Surprise You!
Автор: Green Helix Financial
Загружено: 2025-04-29
Просмотров: 1
RRSPs and TFSAs both help you grow wealth, but they work in different ways - and choosing the right one can have a major impact on your long-term finances.
RRSPs give you a tax deduction upfront, which lowers your taxable income today. But withdrawals in retirement are taxed. If you're in a high tax bracket now but expect to be in a lower bracket later, RRSPs make sense.
TFSAs don’t offer a tax break when you contribute, but all growth and withdrawals are tax-free. That makes them perfect for flexible investments and tax-efficient withdrawals later in life.
So which is better? If you’re saving for retirement and in a high-income bracket, RRSPs likely give you the biggest tax advantage. But if you want tax-free growth and easy access to your money, a TFSA is often the better choice.
For most investors, the best strategy is to use both, balancing tax advantages based on your income level.
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Disclaimer: This content is for informational purposes only and does not constitute financial advice. Mutual funds provided through Carte Wealth Management Inc. Insurance products and services offered through Carte Risk Management Inc.
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