RRSP vs. TFSA

When deciding between a TFSA and RRSP, ask yourself a few key questions. What are your saving goals? Are you saving for long term retirement, or do you have a shorter-term goal in mind, such as saving for a down payment on a house or new car? If your goal is to save for retirement, what tax bracket do you expect to fall into when you retire? 

There are also other factors to consider, including whether or not you plan on reinvesting your tax refund (you should), and whether you have a Registered Education Savings Plan (RESP) and education needs.

For more information and expert advise on which product is right for you, please contact us.