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When is it better to save for retirement in a TFSA?



Our response:

Deciding where to save for retirement is a decision that requires evaluating your own personal financial situation and financial goals. A Tax-Free Savings Account (TFSA) can be used to save for any goal. You open a TFSA using after-tax dollars (your contribution is not tax-deductible), but your savings grow tax-free and your withdrawals are not taxable.

For many people, the decision to save for retirement also includes Registered Retirement Savings Plans (RRSPs). For a quick summary of the differences between TFSAs and RRSPs, read this previous question: “Which offers higher returns? TFSA or RRSP?”.

Speak to a financial representative for a comparison of these two options that considers your specific financial needs and goals, and for information about other retirement savings options that may be available to you.

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