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TFSA vs RRSP: Which savings account should I focus on?
Rounding it up
A TFSA, or a Tax-Free Savings Account, allows people to hold a variety of assets, like cash, stocks, and mutual funds in one place, completely tax-free.
RRSPs, or Registered Retirement Savings Plans, are a tax-deferred investment account that’s specifically designed to help people save for retirement.
Both are great options for those looking to save; deciding which is best for you depends on your financial goals and when you’ll need access to your money.
If you have long-term savings goals and also don’t need immediate access to these funds, consider RRSPs. If you’re thinking shorter-term, look into TFSAs.
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