Tax Free Banking Account ?
Is the TFSA really just a Tax Free Banking Account , as many institutions seem to sell their customers? No, but many folks seem to think this is the case.
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Leap into Your RRSPs and Financial Planning
If you were given a free day to do whatever you want, what would you do? Today is that day. What financially should you do in a leap year?
TFSA Transfer Fees
I wrote about things to do at the end of the year, and I “poo poo’ed” someone who mentioned (in a comment) that you could skirt the TFSA transfer fees if you took the money… Read More »TFSA Transfer Fees
TFSA Transfer? Now is the Time ?
The end of the calendar year is when you can do one simple trick with a TFSA transfer out, if you are only planning on doing it for a short-term move. Check your My CRA Account to be sure what your TFSA limit is.
RRSP then TFSA ?
One of the most common questions I get is: “Should I contribute to my RRSP or TFSA first?” After years of managing my finances and learning some tough lessons, I’ve landed on what I think is a practical answer—but only after dealing with your debt.
If you’re carrying debt, focus there first. Once you’re debt-free, I personally recommend prioritizing your TFSA. Why? Because it gives you flexibility. The money is accessible, withdrawals are tax-free, and you can use it when needed without tax consequences. That kind of liquidity matters—especially when life throws you a curveball.
The RRSP has its place too, but it’s more of a long-term tool. Yes, you get a tax deduction now, but you’ll pay taxes later when you withdraw. For someone earning a standard income, that could mean giving a big chunk back to the CRA later on.
Ultimately, if you’re out of debt and saving, do both if you can. But if you have to choose, I say: max out your TFSA first, then contribute to your RRSP.
Keywords: TFSA RRSP, Canadian personal finance, retirement savings, tax-free savings, RRSP contributions, TFSA vs RRSP, debt vs saving strategy
