RRSP - TFSA Tax saving tools in Canada

[amayra]

Hi,
As everyone knows RRSP/ TFSA are best ways of savings tax in Canada. How many of you have it?

 

[scylla]

I have both - pretty standard.

 

[amayra]

I have both - pretty standard.

Is it beneficial to have them? Wat r ur reviews?

 

[torontosm]

Is it beneficial to have them? Wat r ur reviews?

The TFSA is a no-brainer if you have any investments. Why pay tax on them when you can keep them within your TFSA and avoid taxes?

The RRSP is a bit trickier. By putting money into a RRSP, you are essentially saying that your current tax rate is higher than your tax rate will be once you reach 65. If you are in a low tax bracket now, then it's not worth it. But, if you are paying 45%+, then definitely do it and get the tax break from the government.