17: TFSA vs. RRSP
Money Feels
00:00
TFSA vs RSP - What Makes the Biggest Difference?
The TFSA and the RSP should be your primary retirement nest eggs. If you're starting to save a retirement in your 20s or 30s, you want to be setting aside about 10% of your gross income. A lot of people will max out their RSP and take the tax deduction now during their working lifetime. But they end up with such a large RSP that it will spin off an income that puts you in a higher tax bracket in retirement than you've had in your working years. No one should have only an RSP. Please use the TFSA.
Play episode from 16:38
Transcript
