Often, saving for the future involves using both TFSAs and RRSPs.
Investing
Annual Contribution Limits
$6,000
2022 TFSA
$6,500
2023 TFSA
$29,210
2022 RRSP
$30,780
2023 RRSP
TFSA & RRSP Eligible Investments
Withdrawing Funds
TFSA
No tax on withdrawals
The Benefits of Tax-Free Investing
2Assumes a 30% marginal tax rate. Annual investments made at end of year.
Saving for your future can be a lengthy process.
Both TFSAs and RRSPs offer tax advantages and can help you save for your long-term and short-term financial goals.
Source: Canada Revenue Agency
This is a general guide only and not intended to replace professional financial and tax advice in any form. Please consult your financial advisor on how it relates to your situation. 1 Your RRSP contribution lowers your taxable income, so you're reducing the amount of tax you have to pay. *The RRSP contribution limit varies by individual. Speak with your financial advisor about maximizing your contribution.
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