February 1, 2021
The Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Plan (TFSA) offer two different tax advantages to allow your money to grow. Let’s compare to see which or if both are preferred for you.
Deadlines for Tax-Filing: If you are filing a personal income tax return or as a business look here.
Both RRSPs and TFSAs offer a lot of room for the average investor. For the 2020 tax year you can invest up to $27,230 in the RRSP. If you never have used a TFSA, the maximum cumulative contribution room has increased in 2021 to $75,500, up from $69,500 in 2020.
For updates affecting 2021, look here.
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