Differences Between a TFSA and an RRSP

Although a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) are similar, they have some key differences. An RRSP is primarily intended for your retirement, while you can invest in a TFSA for any long-term goal.

Our comparison chart can help you get started. 

Both offer tax advantages, but deciding which account is more appropriate for you depends on your specific situation, your overall goals and whether you expect your income tax rate at withdrawal to be lower than your current tax rate.