Your investing questions, our clear answers.

Our response:

Thank you for submitting your question to Investing Questions.

A Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) are both types of accounts registered with the federal government that offer special tax advantages to help you reach your savings goals.

These previous Investing Questions questions may provide additional knowledge as you move forward:

• “What is the difference between an RRSP, TFSA or non-registered investment account?”
• “What is the advantage of RRSP over TFSA?”
• “Should I open an RRSP or TFSA?”

Visit the RRSP and TFSA hubs on GetSmarterAboutMoney.ca or our YouTube channel to view animated videos to help you learn more about these savings plans.