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TFSA or RRSP - What's the difference?

The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose, tax strategy that allows you to earn tax-free investment income to more easily meet lifetime savings needs.

Whereas, a Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government that you use to save for retirement. However, when you withdraw money you are taxed. The goal is that when you do eventually take money from an RRSP, you are retired so the tax rate you're paying is lower.

Both have benefits and vary by the needs of each individual. If you are trying to figure out which savings plan is better for your future, let us know and we would be happy to show you the differences and which one will grow your wealth.