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10 Essential Facts About TFSAs

8. The advantage of TFSAs over RRSPs at retirement

8. The advantage of TFSAs over RRSPs at retirement

8. Unlike RSPs, contributions to your TFSA are not deductible from your taxable income, but any profit earned is tax-free and you never have to pay tax on those earnings. With RRSPs, tax is payable when you withdraw that money, and depending on your income at that time, that RRSP withdrawal could be taxed at quite a high rate.

10 Essential Facts About TFSAs

1. TFSAs aren't just for older folks.2. TFSAs can include stocks, mutual funds, GICs, etc.3. Your money grows tax-free4. You can have more than one TFSA at different banks.5. You can withdraw and replace funds as needed.6. Your unused contribution room can be carried forward.7. TFSA withdrawals don't affect eligibility for benefits8. The advantage of TFSAs over RRSPs at retirement9. Your money is safe.10. You can save for the short-term, or the long-term.

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