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How Is a TFSA Different From a RRSP?

How Is a TFSA Different From a Registered Retirement Savings Plan?

An RRSP is primarily intended for retirement. The TFSA is like an RRSP for everything else in your life.

Both plans offer tax advantages, but they have key differences.

  • Contributions to an RRSP are deductible and reduce your income for tax purposes. In contrast, your TFSA savings will not be deductible.
  • Withdrawals from an RRSP are added to your income and taxed at current rates. Your TFSA withdrawals and growth within your account will not—they will be tax-free.

This entry was posted on Sunday, June 15th, 2008 at 8:04 am and is filed under TFSA & RRSP. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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