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RRSP or TFSA – Which Savings Plan is Best for You?

RRSP or TFSA?

What are RRSPs? What are TFSAs? How are they different? What are the advantages of RRSPs and the advantages TFSAs? Which is best fit for your savings plan? Registered Retirement Savings Plans (RRSP) and Tax Free Savings Accounts (TFSA) are both good ways to save and allow Canadians to invest in a variety of funds including guaranteed investment certificates (GICs), mutual funds, stocks and bonds. However, they are subject to very different tax treatment.

RRSP

The annual deduction limit for RRSPs, also known as contribution room, is 18 % of your previous year’s income as reported on your tax re...

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