TFSA vs RRSP Calculator Retirement Savings “Financial”
Not sure whether or not to use an RRSP or TFSA for your retirement savings? That’s a standard question. In general, those earning a low financial gain (under $35,000 or so) should favor the TFSA, whereas high-income earners are seemingly to be happier at an advantage with an RRSP. For those earning a moderate financial gain, however, it’s a coin flip.
With an RRSP, you’ll deduct the contribution from your financial gain, that earns you a tax refund, however the cash becomes totally subject once you take it out. The TFSA is that the reverse: you do not get a tax benefit on contributions, however you do not pay tax on withdrawals either. … the solution depends on your charge per unit