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The federal and provincial governments offer all kinds of cash incentives to live life the way they want you to, from going to school to making your home more energy-efficient. They’re also holding on to unclaimed money that belongs to taxpayers who don’t even know it’s waiting for them.
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Which Is a Better Investment Account: TFSA versus RRSP?
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Are you considering investing and searching for the top stocks to buy? Before doing so, you should know that whatever money you earn from investing entails a tax. You get a T5 slip which gives you a summary of your investment income. The Canada Revenue Agency (CRA) encourages Canadians to save money by offering many registered savings accounts with tax benefits. Two popular accounts are Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs).
TFSA versus RRSP
The purpose of TFSA and RRSP is different, and the CRA designed them accordingly. If you use them optimally, you can make the most of them.
For many Canadians, saving for important life goals can feel like an uphill struggle. But it doesn't have to be. There are tax-efficient structures in place to give Canadians of all ages.