Comparing the RRSP & TFSA
Individuals planning for retirement have two excellent tools to do so.
The Registered Retirement Savings Plan (RRSP) and the Tax Free Savings Account (TFSA).
Both accounts offer tax incentives, and give you the opportunity to grow your money long-term.
But while they can both be useful retirement accounts, there are some key differences between them that make them more suited for certain goals and income levels than others.
But when does it make more sense to choose an RRSP, and when should you choose a TFSA?