Ever since the tax-free savings account (TFSA) and the registered retirement savings plan (RRSP) were introduced to the Canadian financial landscape, individuals have been plagued with the issue of where to park their funds. Both of these vehicles offer tax savings, but which is better? The answer is there is no answer. There are a few questions you can ask yourself to determine which one is appropriate for you.
It’s a problem most of us may only ever dream of having. We all think about the vacations we would take, the fancy cars we would buy, and the nice homes we could finally afford. But what if we actually won? Would it be as simple as claiming our winnings and heading to the nearest Porsche dealership? Probably not.