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Title:RRSP vs TFSA: What Is Best For You? (2020)
Duration:08:42
Viewed:4,788
Published:29-09-2020
Source:Youtube

Do you know if you should be using a RRSP or TFSA to invest? This video will detail the differences between the two accounts and will show you which one you should be using. There are four main reasons why knowing the differences between a RRSP and TFSA matters: 1) Maximizing your tax refund 2) Reducing your overall tax 3) Creating flexibility with your assets before and when you retire 4) Creating tax free income A TFSA is a tax sheltered account meaning that when you withdraw money from the account it is not taxable, however, the money invested into the account is after tax money. A RRSP provides a tax deduction when you originally invest the money into the account, but money that is withdrawn from the account is taxable. This is why RRSP's are primarily used for retirement savings; your tax rate will be lower when you retire than when you are in the middle of your professional life. In some situations, it may be wise to use both accounts which will be touched upon in this video as well. Want to learn more about TFSAs? Check out our 'Tax Free Saving Account for Beginners' video where you can learn more detail about how to best manage your investments using that specific account: https://youtu.be/XyLCZcSWCfI ------------------------------ Download our free E-Book 'Are you Retirement Ready?' www.parallelwealth.com/E-Book Find out more about our firm at www.parallelwealth.com/ #TFSA #RRSP #Investing

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