RRSP and TFSA Ready Twitter Party!
Time to start thinking about RRSPs and TFSAs
It’s that time of year again. If you are going to make a contribution towards your RRSP you need to do so by March 1, 2018. Now is an RRSP the right place to put your money – or should consider a TFSA? The first RRSP was created by the federal government in 1957. TFSAs are much newer and have only been around since 2009. So now you have an additional choice to help you save money. RRSP stands for registered retirement savings plan and TFSA stands for tax-free savings plan.
The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn. Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible. For more information about TFSAs, visit the Government of Canada website.
If you are less familiar with TFSAs, then should like this infographic as much as I do. It is the top 4 things you should know about TFSAs.
Want to learn more about RRPs and TFSAs?
Well if you want to learn about when to invest in an RRSP and when to invest in a TFSA – then join the Twitter Party!
Twitter Party Details
Twitter Party Date: Thursday. February 1. 2018
Time: 7:00pm ET to 8:00pm ET
Twitter Party Hashtag: #RRSPandTFSAReady
Guest: Joe Synder @JoePSnyder
RSVP: not required
Prizing: $300 in Gift Cards
Joe Snyder will be on hand to answer your questions. Joe Snyder is part of the Investments Product Management team at Tangerine. Joe is passionate about investor education and holds the Chartered Investment Manager (CIM®) designation. You can read Joe’s blog posts on the Tangerine website. Click here to view articles.
This post was sponsored by Tangerine Bank. All views and opinions are my own.