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TFSA

The Tax Free Savings Account (TFSA) a useful tool to save without taxes on growth

TFSA vs RRSP battle (AI)

RRSP then TFSA ?

One of the most common questions I get is: “Should I contribute to my RRSP or TFSA first?” After years of managing my finances and learning some tough lessons, I’ve landed on what I think is a practical answer—but only after dealing with your debt.

If you’re carrying debt, focus there first. Once you’re debt-free, I personally recommend prioritizing your TFSA. Why? Because it gives you flexibility. The money is accessible, withdrawals are tax-free, and you can use it when needed without tax consequences. That kind of liquidity matters—especially when life throws you a curveball.

The RRSP has its place too, but it’s more of a long-term tool. Yes, you get a tax deduction now, but you’ll pay taxes later when you withdraw. For someone earning a standard income, that could mean giving a big chunk back to the CRA later on.

Ultimately, if you’re out of debt and saving, do both if you can. But if you have to choose, I say: max out your TFSA first, then contribute to your RRSP.

Keywords: TFSA RRSP, Canadian personal finance, retirement savings, tax-free savings, RRSP contributions, TFSA vs RRSP, debt vs saving strategy

Ballet

RRSP to TFSA Grand Jeté

I like to call it a “Grand Jeté”—that elegant leap from an RRSP to a TFSA. It’s not a ballet move in the financial world, but it sure feels like one when executed well. The idea is simple: use your RRSP tax refund as a funding source for your TFSA.

Here’s how it works: You contribute to your RRSP (say $5,000), get a tax refund (maybe around $1,300), and then—gracefully—you “leap” that refund into your TFSA. Assuming you have room in both accounts, it’s a smart way to double down on your savings without stretching your budget.

For me, this is one of the more elegant moves in personal finance. If you’re debt-free and planning for retirement, this strategy lets you leverage the tax-deferral benefits of the RRSP and the tax-free growth of the TFSA—a financial choreography that builds long-term wealth.

Keywords: TFSA, RRSP, tax refund strategy, Canadian personal finance, retirement savings, tax-efficient investing, RRSP to TFSA strategy

Financial Despair

TFSA Retirement Welfare Bums

Remember when the TFSA limit was $10,000 for a while, those were happy times, even when we thought it was for Rich Folk’s benefit.

Step by Step

What is my TFSA Limit?

What is my TFSA limit ? You simply check the CRA web site, or you can call and ask as well. Remember money you withdrew this year, won’t be reflected yet.

TFSA How To

TFSA Two Step

At RRSP time what do you do with the tax money you save? Maybe time to do the TFSA two step and put the tax money in your TFSA

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