I had a good conversation with my partner the other day about sorting out the difference between the TFSA (Tax Free Savings Account) and the RRSP (Registered Retirement Savings Plan).
I could go on about what I think, but I honestly got a lot of great information from the following blogs and articles when I was trying to figure it out for myself.
So check out what people are saying about the RRSP vs TFSA debate
Young and Thrifty’s great breakdown of the pros and cons of each (although was written a few years ago).
The Toronto Star’s in-depth take on which you should choose depending on your life now and during retirement
Money After Graduation’s article about TFSAs, but has a great simple chart comparing the two
It can certainly be confusing. but the best part about this is that you are thinking about saving for the long term.
Saving is the key! Start doing that while you figure out which (or how both) can work for you.