There is room for both an RRSP and TFSA in a well designed financial plan
The Walton Financial Group in Barrie offers advice about Registered Retirement Savings Plans and Tax Free Savings Accounts during Covid -19
Among the many benefits of contributing to an RRSP and TFSA is that interest compounds over time, so the earlier you start contributing, the more time you have to take advantage of compounding.
When you put money into an RRSP, it’s in there and you have to pay tax to get it back out. Think long term . That’s why it’s called a Registered Retirement Savings Plan
The TFSA can be treated as an Emergency Account. Despite its name, a tax-free savings account lets you hold a wide variety of investments, including cash, bonds, securities, ETFs, mutual funds and GICs. The best part? Interest, dividends and capital gains earned on investments you hold inside a TFSA are not taxable, even when you make withdrawals.
The Covid-19 Pandemic has underscored the need to have a strategic and well designed financial plan . There is room for both RRSP and TFSA investing in your planning . Talk to a financial advisor at the Walton Financial Group in Barrie Ontario an discuss your individual situation and personal goals ‘
