TFSA contribution room calculator + MORE Jan 11th

Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Not sure what to put in your RRSP and TFSA? Make contributions anyway Feb 1st

If your financial goals include putting more money into your registered retirement savings plan (RRSP) and tax-free savings account (TFSA), here’s a strategy that can help: making year-round contributions to high-interest registered savings accounts. Whether you’re a saver or a stock picker, .... More »

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Maybe you’re taking your first steps towards saving for retirement. Or maybe you’re in the home stretch. Either way, you will likely be using a registered retirement savings plan (RRSP). This Canadian tax-sheltered savings account is more than six decades old, and it has formed the backbone of r.... More »
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RRSPs

The best RRSPs in Canada for 2023
Here are the best accounts to hold your savings and investments.

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The best RRSPs in Canada for 2023

By Rebecca Cuneo Keenan and Keph Senett on  January 9, 2023Estimated Reading Time: 16 minutes

Registered retirement savings plans (RRSPs) are often described as “tax-advantaged,” meaning they offer tax-efficient ways for savers and investors to build wealth for the future, usually for retirement. To maximize their potential, you must understand how RRSPs work compared to other registered accounts, like tax-free savings accounts (TFSAs) and registered education savings plans (RESPs). And you should know that not all RRSPs are built the same—some accounts offer higher-than-average interest rates, and some come with lower fees, for example. Here’s everything you need to know to set yourself up for RRSP success…

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Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.

TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain-old cash. While you do have to abide by the set amount of contribution room each year, any gains you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada who is 18 or older and has a valid social insurance number can open a TFSA.

Is a TFSA really tax free?

TFSA contributions won’t reduce your taxable income, unlike registered retirement savings plan (RRSP) contributions. (If you haven’t maxed out your RRSP, get on that before the deadline). However, where you do save on taxes with a TFSA is that the money you earn inside your TFSA is not taxable…

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