TFSA VS RRSP | 7 Difference between RRSP and TFSA

“Is it better to contribute money to your TFSA or RRSP accounts?”

This is the number one question we’ve received from our clients since we started the TFSA video series.

If you have been wondering about this too, you are in the right place.

Before answering this question, I first have to explain the differences between the RRSP and the TFSA, and I cover this in today’s video.

If you have questions about this topic after watching the video, leave a comment below, and I’ll respond as soon as possible.

IMPORTANT: You can now pre-order your copy of The TFSA Playbook for FREE.

Go here to place your order: www.TFSAPlaybook.ca

00:00 - Intro
00:48 - Similarities & Differences between RRSP & TFSA
01:04 - Similarities
02:20 - Difference #1 how much you can contribute to RRSP as compared to TFSA
05:27 - Difference #2 deductibility of contribution
06:25 - Difference #3 how you get taxed on withdrawal
08:45 - Difference #4 how each withdrawal affects the contribution limit
09:40 - Difference #5 maturity of the plan
10:21 - Difference #6 spousal plan contribution feature
13:23 - Difference #7 Borrowing against RRSP for studying and buying your first home
19:33 - Free TFSA Book


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DISCLAIMER:

Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your own legal and tax advisors to ensure you get the advice you personalized for you.
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