TFSAs vs RRSPs – Infographic

TFSAs vs RRSPs – Infographic

TFSAs vs RRSPs – Infographic

Choosing between a Registered Retirement Fund and Tax-free Savings Account can be a challenge for many Canadians. To help simplify this decision, here’s an easy to read infographic. 

I hope that you enjoy! Also, please share if you find this tool valuable.

More can be found about our non-biased Financial Literacy Coaching programs here!

TFSA RRSP bank sales best accounts budget financial literacy budget Friendly Financial Coach Bank Account Help Toronto Retirement education Matthew Siwiec Infographic
Notes: Funds can be withdrawn tax-free from RRSPs in low-income years if your income and total RRSP withdrawals do not exceed the federal and provincial basic personal amount. For example, in 2016 this is: Federal – $11,327 and Ontario – $11,474.

The banks will have a withholding tax when you withdrawal from your RRSP, but this will be refunded when you file your taxes.

Limits: All contributions to TFSA and RRSPs are also subject to your personal limits.

Details about the Lifelong Learning Plan can be found here.

Details about the Homebuyers’ Plan can be found here.

[wysija_form id=”2″]

0 0 votes
Article Rating

Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x