FinancesAs a general rule, RRSPs are a good choice for longer-term goals such as retirement, while TFSAs work better for more immediate objectives, such as a home down payment. But because of its tax advantages, TFSAs should not be overlooked as a retirement savings vehicle. If you expect to be in a higher marginal tax rate in the future, it may be a good strategy to contribute to a TFSA now, when you're paying less income tax and an RRSP later, when you'll be subject to a higher marginal tax rate and your RRSP contribution will generate more income tax savings.

Where Can I Find My RRSP And TFSA Contribution Information?

Your RRSP deduction limit can be found on your notice of (re)assessment from Canada Revenue Agency. Your current year's limit will appear on your notice from the previous year. Your TFSA contribution limit can be obtained by phone via the Tax Information Phone Service (TIPS) at (800) 267-6999 or online via the Canada Revenue Agency My Account feature.

To find out more information such as contribution rules, withdrawal rules as well as if you wish to set either account up please feel free to give me a call today. I'd be more than happy to assist you.

-Russ MacDonald, Heritage Insurance Ltd.
(306) 631-9738

We can help you with your finances. Call Heritage Insurance, Ltd. at (306) 693-7640 for more information on Saskatchewan financial planning.
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