17: TFSA vs. RRSP
Money Feels
00:00
What Are the Contribution and Withdrawal Rules for the TFSA?
The TFSA actually has no real contribution rules other than you have to stay within the annual and lifetime limits for yourself. The downside now is there's also no limitations on withdrawing money from your TFSA, which is why everyone uses it for everything. Unlike the RSP, you can take money out of your TFSA at any time for any reason. And then the only rule that comes from that is when you want to put it back,. But this year and probably next year, it is $6,500 per year. They're supposed to be keeping up with inflation. So I think over our lifetime, you will see your annual TFSA limits go to $7,000 and then
Play episode from 11:46
Transcript
