It seems everyone has a bucket list these days, and the team at RBC InvestEase is no different. Our bucket list consists of one item—helping Canadians get off the sidelines to start saving and investing for their future!
Opening a TFSA or RRSP, or even trying to choose between the two, always seems to be at the top of everyone’s list of questions when they speak with our Portfolio Managers. We know many people trying to invest for their future are put off or even intimidated by the terminology and acronyms that dominate the industry.
We want to make this easy for you and we’ll stay with our theme of buckets to make this happen. Think of TFSAs and RRSPs as different types of accounts—or buckets—that you put money into to save and invest for future goals. The acronyms may sound complex but these are just types of accounts that have different features to encourage saving and investing.
We’ll explain some of the important features of a TFSA in this article. Part 2 of our article lays out the features of an RRSP
|Your Birth Year||TFSA Contribution Limit|
|1991 or prior||$63,500|