Maximize your savings! Like vanilla and chocolate ice cream why not enjoy the best of both?
Why Choose Just One?
Discover the incredible benefits of combining a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) to prepare you for your future and retirement.
Key features of a TFSA: flexible and tax-free
A Tax-Free Savings Account (TFSA) is a flexible investment account where your earnings are not taxed. It’s ideal for Canadians looking to save for short-term goals or build a nest egg without the tax burden.
- Tax-Free Growth: Your investments grow tax-free within a TFSA.
- Flexible Withdrawals: Withdraw funds anytime without tax penalties.
- Deposit up to $7,000 in 2024. Contribution limit will be $7,000 in 2025.
- Unused Contribution Room: If you haven't contributed to a TFSA since its inception in 2009, you could have up to $102,000 in contribution room (as of 2025). To determine your exact contribution room, visit the Canada Revenue Agency (CRA) website.
Key Features of an RRSP: Security and Tax Deferred
A Registered Retirement Savings Plan (RRSP) is a retirement savings account that offers tax deferral on your earnings. It’s suitable for Canadians who want to reduce their taxable income while saving for their retirement.
- Tax-Deferred Growth: Investments grow tax-deferred until withdrawal.
- Tax Deductions: Contributions can reduce your taxable income.
- Contribution Deadline: Contribute by March 1st, 2025, for the 2024 tax year.
- Contribution Limits: Check your RRSP contribution limit on your latest Canada Revenue Agency (CRA) Notice of Assessment or visit the CRA website for detailed information.
Maximize Your Contributions
Use the combined power of TFSA and RRSP to enhance your financial strategy. Top up your TFSA anytime within the annual limit, and don’t miss the RRSP contribution deadline to lower your taxes.
Start Today
Reach out and connect with one of our wealth experts to help you find the perfect balance between TFSA and RRSP for your unique financial goals. Expert financial advice made simple – we’re here to help!
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
