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Whether you're new to the savings game or a wily old veteran, getting and staying on top of how you maximize your savings can be a considerable undertaking. So, when the question of which is right for you, an RRSP or a TFSA, arises, the answer can be a bit of a moving target.
Honestly, while there is a correct answer for everyone, it will vary depending on several factors. For some, it may end up being a bit of both. The most important thing is to understand the differences between the two.
There are many things to take into account when choosing between an RRSP and a TFSA. Here are a few things to keep in mind as you begin dialing in your plan to maximize your savings.
Whether or not you would be best served putting your money into an RRSP or into a TFSA depends on a lot of factors including:
As you can see, the RRSP vs. TFSA question varies a great deal depending on your personal circumstances, goals, values. If you still aren't sure about which is best for you, we have experts that can help.