Issue 2 – Important Reminder to Contribute to Your RRSP and TFSA

RRSP              Benefits:

  • RRSP contributions are tax deductible.
  • Savings grow tax free while held in a registered plan.
  • When you retire, you can convert your RRSP to an RRIF receive regular income.
  • A spousal RRSP can reduce your combined tax burden.
  • You can borrow from your RRSP to buy your first home or pay for your education.

TFSA               Benefits :

  • Capital gains and income are exempt from paying taxes – true tax-free saving.
  • You do not need earned income to contribute.
  • You can make a withdrawal whenever you want, without penalty or paying tax.
  • Withdrawals can be re-contributed the following year without penalty.


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By Charles Marleau CIM® and William Mitchell CIM®

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