It is that time of the year where the argument about RRSP or TFSA starts. How about RRSP then TFSA as a possible solution? If you can do both without incurring debt, you are doing quite well.
The Tax Free Savings Account (TFSA) a useful tool to save without taxes on growth
Remembering that an RRSP is simply a tax deferral program, plan on moving that RRSP to TFSA in terms of the tax refund at least.
Remember when the TFSA limit was $10,000 for a while, those were happy times, even when we thought it was for Rich Folk’s benefit.
What is my TFSA limit ? You simply check the CRA web site, or you can call and ask as well. Remember money you withdrew this year, won’t be reflected yet.
At RRSP time what do you do with the tax money you save? Maybe time to do the TFSA two step and put the tax money in your TFSA