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In most cases, TFSAs make more sense than RRSPs for retirees
READ: How to withdraw from spousal RRSPsYou can contribute to an RRSP right through to the year in which you turn 71 years old. But as you say, you need to figure out if the TFSA might actually be a better option. Birenbaum offers this advice: “If your retirement income is high now and expected to be lower when you convert your RRSP to a RRIF and begin withdrawals, the contribution to the RRSP could make sense. Otherwise, it’s TFSA all the way.” MORE ABOUT ASK BRUCE:
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