The Ultimate RRSP vs. TFSA Showdown | Rational Reminder 319

Meet with PWL Capital: https://calendly.com/d/cpws-jyp-znp

Meet with PWL Capital: https://calendly.com/d/cpws-jyp-znp

Which account should you choose, a registered retirement savings plan (RRSP) or a Tax-free savings account (TFSA)? This is one of the most common decisions that Canadians must make when it comes to investing, but it will also elicit some of the most passionate responses. RRSPs especially get a lot of undue skepticism, with some even labelling it as a scam. Today we take a deep dive into both of these savings accounts, exploring the downsides and benefits of each, and how to decide which account is right for you based on your savings goals. With the help of Conquest Planning, a specialized, in-depth modelling tool, we look at a range of scenarios incorporating different variables, like income and family size, and break down our analysis regarding the RRSP vs. TFSA decision for each scenario. We discuss key factors to consider, including the basic personal amount tax credit, which allows RRSPs to act as a tax flow-through, and the guaranteed income supplement (GIS), which can impact retirement planning. Our conversation also examines how to approach family size and longevity, as RRSPs become more advantageous with longer lifespans. Join us today to learn about the benefits and flexibility of each of these accounts, the surprising ways RRSPs often outperform TFSAs, and find out which one is right for you!

Timestamps:

0:00:00 Intro
0:07:25 Main Topic: Ultimate RRSP vs. TFSA Showdown
1:04:09 Aftershow

Links From Today’s Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/t...
podcast/id1426530582.
Rational Reminder Website — https://rationalreminder.ca/
Rational Reminder on Instagram —   / rationalreminder  
Rational Reminder on X — https://x.com/RationalRemind
Rational Reminder on TikTok — www.tiktok.com/@rationalreminder
Rational Reminder on YouTube —    / channel  
Rational Reminder Email — [email protected]
Benjamin Felix — https://www.pwlcapital.com/author/ben...
Benjamin on X — https://x.com/benjaminwfelix
Benjamin on LinkedIn —   / benjaminwfelix  
Cameron Passmore — https://www.pwlcapital.com/profile/ca...
Cameron on X — https://x.com/CameronPassmore
Cameron on LinkedIn —   / cameronpassmore  
Mark McGrath on LinkedIn —   / markmcgrathcfp  
Mark McGrath on X — https://x.com/MarkMcGrathCFP
Brady Plunkett on LinkedIn —   / brady-plunkett-712489105  
Lukas Fleck on LinkedIn —   / lukasfleck  
Flossing for your Finances, Personal Financial Strategies for Dentists — https://
us06web.zoom.us/webinar/register/9017236574029/WN_7O_JdvejRhmh-_LleBNRmQ#/
registration
Episode 317: Kevin Milligan — https://rationalreminder.ca/podcast/317

Papers From Today’s Episode:

‘Tax Uncertainty and Retirement Savings Diversification’ — https://papers.ssrn.com/sol3/
papers.cfm?abstract_id=2799288