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Our response:

Here are some key TFSA and RRSP differences:

• You need earned income to contribute to an RRSP, but not a TFSA.
• RRSP contributions are made with pre-tax dollars, TFSA contributions are made with after-tax dollars.
• TFSA withdrawals are tax-free, but you’ll pay tax on RRSP withdrawals.
• You can only contribute to an RRSP until you are 71, and can only contribute to a TFSA after you turn 18.
• RRSPs are intended for retirement savings, but you can use a TFSA to save for anything.

Learn more about TFSAs, RRSPs and how they compare.