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My Newsroom / January 28, 2020

All those acronyms and all those rules.

The average Canadian has relatively few options for combining saving and tax efficiency and it turns out that even with just a couple universal choices, we still get them mixed up.

We’re in the midst of RRSP season so financial institutions are conducting surveys to get a feel for our thought processes in leading into the final month of investment for last year. The latest is from TD Bank. It shows a fair degree of confusion on the differences between the primary savings vehicles – TFSAs and RRSPs.

Two-thirds of those surveyed felt the RSP was the best vehicle for retirement saving compared to one-in-five who leaned towards the TFSA although more thought the TFSA was better for saving for home renovations.

The TFSA also ranked first when saving for a down payment on a house, yet one-quarter thought the RSP was a better route even though it is not tax efficient for this move.

In fact, roughly a third of Canadians do not understand the tax implications or the deductability of either option.

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Filed Under: Finance Tagged With: personal finance, savings

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