It’s hard to believe the RRSP deadline is quickly approaching. Are you ready for March 1st, 2018?
Over the years I often wondered was an RRSP really necessary for every Canadian? The RRSP has been around since before I was born yet the TFSA is still a fairly new savings plan. Which is best? I have learned it all depends on your individual situation.
An RRSP or registered retirement savings plan is meant for long-term savings. You can read more about the plan on the government website here. A retirement savings plan is registered with the federal government and you contribute to it. Any income earned in the RRSP normally exempt from taxes as long as the funds are in the plan. You pay taxes when you take money out.
A TFSA is a tax-free savings account. It allows those over 18 ( and have a social insurance number) to set money aside tax free throughout their lives. Contributions to a TFSA are not taxed deductible. Amounts earned inside the account is generally tax-free even when it is withdrawn. Read more about them here.
On Thursday, Feb 1st, 2018 you can join my friends from @TangerineBank for the #RRSPandTFSAReady Twitter Party to learn more.
Details for the Twitter Party:
Twitter Party Date: Thursday. February 1. 2018
Time: 7:00pm ET to 8:00pm ET
Twitter Party Hashtag: #RRSPandTFSAReady
Guest: Joe Synder @JoePSnyder
RSVP: not required
Prizing: $300 in Gift Cards
In the meantime, let me share four things you should know about TFSA’s:
Want to know more about the special guest for the Twitter party?
Joe Snyder will be on hand to answer your questions. Joe Snyder is part of the Investments Product Management team at Tangerine. Joe is passionate about investor education and holds the Chartered Investment Manager (CIM®) designation. You can read Joe’s blog posts on the Tangerine website. Click here to view his posts.
*this post is sponsored by the Tangerine Bank. All opinions are my own.