RRSP or TFSA? Sorting out an investor’s dilemma

TFSAs provide great options. If you build up the money in your TFSA while you’re working, you can draw from it tax-free any time

RRSP or TFSA? Sorting out an investor’s dilemmaK.M. wrote to ask if she should stop making registered retirement savings plan (RRSP) contributions and instead focus on her tax-free savings account (TFSA). With a little personal information from K.M., we decided it would be best for her to focus on her TFSA. Here’s why: K.M. works in a job she’s likely to leave…

Layer your retirement income to minimize your tax bill

RRSPs aren't the only financial vehicle that help you manage your taxes over time

Layer your retirement income to minimize your tax billHaving multiple retirement income sources is a great idea. And that diversity, with proper planning, can reduce the income tax you pay. Most of us understand the basic retirement savings methods: a registered retirement savings plan (RRSP) or a spousal RRSP. We save a little bit of money when we can and reduce the income…