Community FAQ
What are the differences between TFSA and RRSP?
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TFSAs offer tax-free withdrawals but non-deductible contributions, while RRSPs offer tax-deductible contributions but tax-deferred growth with taxable withdrawals. TFSAs are better for short to medium-term goals with flexibility, while RRSPs are designed for retirement savings when you expect to be in a lower tax bracket.
Answered by Shannon Neely, Shannon Neely Financial.