October 2, 2019

32% of Canadians don’t know difference between TFSA and RRSP, survey shows – BNNBloomberg.ca

When trying to figure out their financial planning for retirement, 69 percent of Canadians say they would choose a TFSA over an RRSP. However, there’s a problem. About a third of all Canadians don’t have the financial knowledge to be able to distinguish between them. A TFSA is a savings account where investment income is tax-free. Whereas, an RRSP is a tax-deferred retirement savings account with contributions that are tax deductible.

“Most Canadians prefer to tuck their money into a tax-free savings account over a registered retirement savings plan, but nearly one-third of respondents don’t know the difference between the two.”

Read more: https://www.bnnbloomberg.ca/32-of-canadians-don-t-know-difference-between-tfsa-and-rrsp-survey-shows-1.1217808

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