Nahanni Akroyd


No doubt you’re hearing lots about RRSPs at this time of year, but a Registered Retirement Savings Plan (RRSP) isn’t the only tool available to help you in your retirement (or it shouldn’t be the only one). Have you considered a Tax Free Savings Account (TFSA)?

TFSAs have been available since 2009, with a current annual maximum contribution amount of $5,500. Growth in a TFSA is tax free and it doesn’t count against any government benefits in retirement, potentially making it a better or important complementary investment tool when planning for retirement. You can hold GICs, mutual funds, cash and segregated funds in your TFSA, according to your risk tolerance. When you want to draw money, you can take it in lump sums or set up a monthly payment to supplement your other retirement streams.

Are you curious about TFSAs and RRSPs? Let’s meet and see what’s best for your situation.