By MoneySense Editors on September 22, 2022
Estimated reading time: 1 minute

Video: The differences between a TFSA and RRSP

By MoneySense Editors on September 22, 2022
Estimated reading time: 1 minute

Deciding between putting your money into a TFSA or RRSP? Find out what the differences are with these two registered accounts.

Thumbnail displays an image of TFSA and RRSP

A tax-free savings account (TFSA) is a registered account that holds investments and allows you to grow your money tax-free and withdraw it tax-free. That means you don’t have to report any income earned in the account on your personal tax returns. A registered retirement savings plan (RRSP) is also a registered account, but it works differently than a TFSA, in that you defer reporting the income earned in an RRSP until you withdraw the funds—likely when you’re retired and in a lower tax bracket than when you were working. But that’s not all. Watch to find out more.

Watch: The differences between a TFSA and RRSP

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