RRSPs and TFSAs: Which one works best for me?

When it comes to saving money for retirement, both the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) are popular choices. And for good reason. Each provides different advantages to help with your retirement and other savings goals.

The differences between RRSPs and TFSAs mostly come down to taxes:

Let's go into the different benefits of the tax timing for short-term and longer-term retirement savings:

Which would work better for my retirement savings? This depends on several factors:

What about other savings goals?

For more personalized financial advice, please contact your financial advisor.

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Always seek advice from your financial planner. If you are a member of one of the BC Public Sector Pensions plans, you can see what the Pension Corporation says about your situation. Their pages provide a detailed summary of your options.