The Basics
RRSP (Registered Retirement Savings Plan)
- Contributions are tax-deductible
- Withdrawals are taxable as income
- Best for high-income earners expecting a lower bracket in retirement
TFSA (Tax-Free Savings Account)
- Contributions made with after-tax dollars
- Withdrawals are completely tax-free
- Annual limit: $7,000 for 2025
Which Should You Choose?
Choose RRSP if: You're in a higher tax bracket now.
Choose TFSA if: You're in a lower bracket or expect income to grow.
Contact us to discuss your savings strategy.