Maxed out your TFSA and RRSP? Here’s where to put cash Jan 24th

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.

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Maxed out your TFSA and RRSP? Here’s where to put cash

– moneysense.ca

Canadians have many options for saving and growing their money. They can use registered savings and investment accounts, which offer powerful tax advantages. If you’re saving up a retirement nest egg, you likely have a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA).

Here’s a quick refresher on RRSPs and TFSAs, including their contribution limits:

Comparison pointsRRSPTFSAPurposeRetirement savingsAny savings goal, short-term or long-termAge requirementAny age up to 7118 and olderEarned income requirementYes, you must earn income to create contribution roomNoTax deduction for contributionsYes, and tax deductions can be carried forward for a future tax returnNoTax on growth (interest, capital gains, dividends)Tax-deferred, until funds are withdrawn (during retirement, when income is likely lower)Tax-freeContribution roomWhichever is lower: 18% of your previous year’s earned income or the government’s annual RRSP contribution limit (for the 2024 tax year, it is $31,560, and 2025, it will be $32,490), plus any unused contribution room from previous yearsAccumulates from age 18, with different amounts announced each year (for 2025, the limit is $7,000); if you were born in or before 2009 (the year the TFSA launched), your cumulative limit as of Jan…

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