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**What are some of the differences between a Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP)?
The tax benefits of the Tax-Free Savings Account (TFSA)
The TFSA is a registered savings account that makes it easy for Canadian taxpayers to earn investment income, as the account title states, tax-free. A TFSA allows you to save money while deferring investment income on the after-tax monies invested.
Contributions to the account are not tax-deductible, and any withdrawals of the contributions and earnings from the account are not taxable. Canadian residents age 18 or older can now contribute annually to a TFSA.
TFSA Contribution Limits
Click here for the updated RRSP contribution details.
The tax benefits of the Registered Retirement Savings Plan (RRSP)
RRSP Contribution Limits
18% of the income you earned the previous year, up to an annual maximum of $26,500 in 2019, $27,230 in 2020, $27,830 in 2021, $29,210 in 2022, $30,780 in 2023, and $31,560 in 2024.
Click here for the updated RRSP contribution details.
Using both the RRSP and the TFSA incentives
RRSP and TFSA differences while you invest
RRSP and TFSA differences while drawing Retirement Income
Summary Considerations
Revised: January 4, 2021
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