If you have not opened a TFSA yet you could be missing out on potential savings including saving in the long term for retirement. Every year you are permitted to contribute $5,000 and any gain will be tax free.
The big difference between a TFSA and a RRSP is you will pay tax on the RRSP funds as you redeem them but the increase in value on the TFSA can be redeemed tax-free!
Depending on your tax bracket you may end up paying substantially more Tax through and RRSP.
To learn more about how a TFSA could help you save money for retirement please read this great article from moneyville.ca.
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Filed under: Community Interests, Uncategorized | Tagged: Retirement, RRSP, Save Money For Retirement, Tax Free Saving Account, TFSA |
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