How much credit card debt does the average Canadian have? + MORE Sep 26th

A tax-free savings account (TFSA) is a registered account that holds investments and allows you to grow your money tax-free and withdraw it tax-free. That means you don’t have to report any income earned in the account on your personal tax returns. A registered retirement savings plan (RRSP) is also a registered account, but it works differently than a TFSA, in that you defer reporting the income earned in an RRSP until you withdraw the funds—likely when you’re retired and in a lower tax bracket than when you were working. But that’s not all. Watch to find out more.

Watch: The differences between a TFSA and RRSP

! ( function ( r, u, m, b, l, e ) {
( r._Rumble = b ),
r[ b ] ||
( r[ b ] = function () {
( r[ b ]._ = r[ b ]._ || [] ).push( arguments );
if ( r[ b ]._.length == 1 ) {
( l = u.createElement( m ) ),
( e = u.getElementsByTagName( m )[ 0 ] ),
( l.async = 1 ),
( l.src =
‘https://rumble.com/embedJS/ulkdw1′ +
/* replace [PUBID] */ ( arguments[ 1 ]…

You know both can help lower how much income tax you pay—both are registered accounts, after all—but how do you decide whether to put your money into a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP)? Watch this video to learn about the four things to consider before putting your money into a TFSA or an RRSP.

Watch: 4 things to consider before putting your money in a TFSA or RRSP

! ( function ( r, u, m, b, l, e ) {
( r._Rumble = b ),
r[ b ] ||
( r[ b ] = function () {
( r[ b ]._ = r[ b ]._ || [] ).push( arguments );
if ( r[ b ]._.length == 1 ) {
( l = u.createElement( m ) ),
( e = u.getElementsByTagName( m )[ 0 ] ),
( l.async = 1 ),
( l.src =
‘https://rumble.com/embedJS/ulkdw1′ +
/* replace [PUBID] */ ( arguments[ 1 ].video
? ‘.’ + arguments[ 1 ].video
: ” ) +
‘/?url=’ +
encodeURIComponent( location.href ) +
‘&args=’ +
encodeURIComponent(
JSON…

As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these forces are adding pressure to those with variable-rate loans and mortgages. Unsurprisingly, many Canadians are using their credit cards to charge their expenses.

How much debt does the average Canadian carry? 

According to a new report by Equifax, Canadian consumer debt has risen to $2.32 trillion, with an average debt load of approximately $21,000—excluding mortgages. These numbers represent an increase of 8.2% over last year, and 6.4% between the first and second quarters of 2022. And Canadians are using credit cards more, as there was a 6.4% increase in credit balances from the first quarter to the second. 

This news, though unwelcome, is not unexpected according to some experts…