TFSA
A Tax Free Savings Account (TFSA) lets you grow your savings and access your money tax-free.
RRSPs
A Registered Retirement Savings Plan (RRSP) lets you build tax-deferred retirement savings.
You can deduct your RRSP contributions from your taxable income, and your investments grow sheltered from tax until you make a withdrawal.
Is an RRSP for you?
If you are like most Canadians, you need to rely on your own savings to fund the retirement lifestyle you want. If you have earned income, an RRSP is one of the most tax-efficient solutions.