An RRSP defers tax until you withdraw the funds. With a TFSA, you pay income tax first and won’t pay tax on the withdrawal. Both have their purpose.
If you take the minimum RRIF withdrawal, then no withholding tax will be automatically applied at the source. That said, you will still owe tax to the CRA unless you are earning less than $15,000 or so per year as the CRA is going to determine the tax rate on that withdrawn RRSP/RRI...
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If you have some extra money available, you can always contribute to your rrsp to reduce your personal tax bill. There are also recommendations to help save on corporate tax. If you have not filed your corporate tax return already, one thing you should do is purchase capital assets that ...
Holding 50% of the portfolio in Canadian stocks is probably too much. (Although again, it depends on what the rest of your portfolio looks like. If you hold US and international stocks in your TFSA or RRSP, then it’s different.) In my experience, asset location (which fund goes in ...
This guide offers an overview of tax-free savings accounts (TFSAs) and how they work. Learn the benefits of having a TFSA, the ins and outs of contributing to the account, investing options and beneficiary implications.