Advertisement
Over 30 years, even a 1% tax savings makes a huge impact
It’s not uncommon for people with unused space in their tax-free savings account or RRSP room to hold non-registered investments simultaneously. While you could make a case for not maxing out your RRSP, it’s tough to justify leaving room in your TFSA if you have the savings available. (One exception might be if you have non-registered investments with accrued capital gains that will trigger a large tax liability if you sell or transfer the investments.) Here’s what could happen if you move your non-registered savings into a TFSA and limit the amount of taxable income you’re earning.
Want even more tips to shape up your finances? Join the Money Fit Club to curb spending, boost your earnings, lower your taxes and more!
Learn to tone your money muscles all year long with our interactive calendar and sign up for our weekly newsletter for advice straight to your inbox.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Practical advice on how to build your retirement savings for employees at mid-career, the self-employed, single parents and more.
The Trump effect and Trumponomics, Shopify’s huge earnings beat, it’s sunny days for Suncor shareholders and more.
Here’s how to get your free ticket to attend two MoneyShow virtual expos.
You started investing in your 20s, and you feel pretty good about doing it. But now what? Consider impact...
The U.S. election made the market go up—for now. Is volatility keeping you up at night? Here are some...
Apple and Nvidia vie for global market cap crown; Google, Microsoft and Meta crush earnings; Amazon’s Bezos takes WaPo...
While not guaranteed like an annuity, MyRetirementIncome is a flexible and simple financial product for those needing to convert...
A Certified Financial Planner provides perspective on the TFSA vs. RRSP question for a couple in their late 50s...
The Bank of Canada’s jumbo rate cut, Canadian railway earnings stay on track, Rogers disappoints, and Tesla surges on...
Spending thousands of dollars on upgrades to your living space can be daunting for seniors. Here are some financing...