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Deciding between putting your money into a TFSA or RRSP? Find out what the differences are with these two registered accounts.
A tax-free savings account (TFSA) is a registered account that holds investments and allows you to grow your money tax-free and withdraw it tax-free. That means you don’t have to report any income earned in the account on your personal tax returns. A registered retirement savings plan (RRSP) is also a registered account, but it works differently than a TFSA, in that you defer reporting the income earned in an RRSP until you withdraw the funds—likely when you’re retired and in a lower tax bracket than when you were working. But that’s not all. Watch to find out more.
Watch: The differences between a TFSA and RRSPSubscribe to the MoneySense YouTube channel to watch all of the videos in this series and more.
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