Tag: TFSA

A Brief Recap of RRSP and TFSA Let’s start with a brief recap of the features of RRSP and TFSA: They are both very good vehicles for saving for one’s retirement. Within a certain limit, contributions made to an RRSP account are tax-deductible, thus reducing one’s current tax liabilities, and the investment in the RRSP account can grow and accumulate free of …

Tax-Free Savings Account (TFSA), or le compte d’épargne libre d’impôt (CELI) in French. Any Canadian resident who is 18 years and older with a valid social insurance number, can set aside money that can grow tax-free throughout their lifetime. Unlike an RRSP, contributions to a TFSA are not tax deductible. In other words, contributions to a TFSA are made with after-tax …