25 minutes | Sep 21st 2020

06: TFSA, RRSP, OMG, ROFL, SOS?

On the sixth episode of MI$$ FINDEPENDENT, Gloria is joined by her friend Lucy, they discuss all these fun acronyms - tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and non-registered accounts - what they are, what their benefits are, what to invest in them, contribution limits and when to use each. One thing I wanted to mention that we didn't talk about is employer-matched retirement savings. If your employer will match your RRSP contribution, definitely sign up - it's free money!!

Homework
Task 1: Determine whether you're in the financial position to invest right now
Task 2: Open up that TFSA if you haven't already! Determine whether now is a good time for you to open an RRSP based on your current tax bracket and earning potential
Task 3: Check your TFSA and RRSP contribution limits and contribute what you can!

Links/Sources
2016 Canadian Census data on registered accounts - https://www12.statcan.gc.ca/census-recensement/2016/as-sa/98-200-x/2016013/98-200-x2016013-eng.cfm
2019 RBC Study - https://www.ipsos.com/en-ca/news-polls/For-First-Time-Ever-More-Canadians-Have-TFSA-than-RRSP

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Disclaimer - Miss Findependent is sharing perspectives on personal finance for educational purposes. It may not apply directly to your individual situation. I'm not a licensed financial advisor and it's a good idea to consult with one before making any serious financial decisions. References to products, offers, and rates from third parties often change, please double check on the third party website to get the most up to date info.

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