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.”