On Wednesday, February 3rd, Stephanie Pantaleo, Director of Family Office Services, and Salomon Gamache, Director of Financial Planning led a discussion on maximizing the benefits of your Registered Retirement Savings Plan (RRSP) and Tax Free Savings Account (TFSA).
Key Takeaways
1. RRSPs and TFSAs are important investment vehicles that offer tax incentives to encourage Canadians to save;
2. There are key differences between these two accounts, which make them attractive to investors in their own way. Both accounts have contribution limits, and penalties will be imposed if the contribution limits are not followed;
3.When faced with the decision to contribute to your RRSP versus TFSA, there is no ‘one-size-fits-all’ approach to financial planning. One’s financial situation, needs and objectives must carefully be considered- you are unique, and the advice you receive should be too!
To learn more, please view the recording here:
