This was written in 2009 when the world was recovering. The Financial Crisis was still raging. I was still unemployed, so keep that in mind.
Larry MacDonald will be publishing a story about TFSA’s and their newfound popularity, and for some odd reason, he is quoting me, so read your Globe and Mail and send me a note when the article gets published. All I told Larry is that given that I have little or no RRSP room left thanks to my pension, the TFSA is the next logical choice for me to use as a savings vehicle. Otherwise, I get to pay the CRA more taxes on any Capital Gains or Interest I might earn on my savings/investments.
I still don’t have a definitive answer of whether you should put your money in an RRSP or a TFSA (if you have the option to choose). Still, I think if you are in a high enough Tax Bracket, it might be good to put money in your RRSP. Still, the TFSA is after-tax money and thus a valuable vehicle to use for saving for the near future (where RRSP savings is a LONG term thing in my mind (unless you are as old as me, then it is the more immediate term)).
I will attempt to stay away from my former employer after last week’s articles. A few folks have suggested that old beat down unemployed former employees might not want to come off as twisted and bitter, especially if future employers find these commentaries online. Enough said on that topic.
An excellent place to get all the ideal info on Nortel is All About Nortel, and yesterday’s post about the Private Jet made my stomach turn (whoops, bitter and twisted alert). This blogger seems pretty tightly coupled to the inside scoop on Nortel.