On the sixth episode of MI$$ FINDEPENDENT, Gloria is joined by her friend Lucy, they discuss all these fun acronyms – tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and non-registered accounts – what they are, what their benefits are, what to invest in them, contribution limits and when to use each. One thing I wanted to mention that we didn’t talk about is employer-matched retirement savings. If your employer will match your RRSP contribution, definitely sign up – it’s free money!!

Task 1: Determine whether you’re in the financial position to invest right now
Task 2: Open up that TFSA if you haven’t already! Determine whether now is a good time for you to open an RRSP based on your current tax bracket and earning potential
Task 3: Check your TFSA and RRSP contribution limits and contribute what you can!

2016 Canadian Census data on registered accounts
2019 RBC Study on Canadian TFSAs vs RRSPs

Listen now: