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RRSP or TFSA? Tuck money away into both if possible, experts say

CALGARY — It’s the battle of the acronyms — RRSP or TFSA?
 
They’re both savings vehicles that can help with your tax bill, but which one reigns supreme will depend on your own individual situation.
 
In ideal circumstances there would be no showdown — Canadians would sock money away into both, experts say.
 
But circumstances aren’t always ideal.
 
“Maybe it’s a quality of life decision or maybe it’s truly just there is not the availability of income or assets to contribute to both,” said John Tracy, senior vice president of retail, savings and investing at TD Canada Trust.

RRSP pitfalls to avoid

 
(Special) - While the Registered Retirement Savings Plan (RRSP) is a great vehicle to help Canadians save for their retirement, there are some pitfalls that investors may not knowabout and should try and avoid.
 
Many people, forexample, confuse their contribution limit with the deduction limit.
 
The deduction limit isset at 18 per cent of your previous year's earned income, up to a dollar limit,which changes every year. The maximum dollar limit for the 2012 tax year is$22,970, up from $22,450 in 2011, and will rise to $23,820 in 2013.

New Blog Page Added to our Site

I will be adding interesting news items and tax information I find in the media. Some of these will have different relevance to different people. I may also add my own comments about the articles. If you have any comments of your own pleaase feel free to add them.
 
Randy
 
As these articles are from various media sources, we at Neepawa Income Tax can not take responsibility for any opinions, other than our own. As tax professionals only, we are not certified to provide any investing advise.Before making any investment decisions, please discuss them with a professional.