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TFSA vs RRSP – 2024
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $31,560. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
2024 Financial Calendar
Stay ahead in 2024 with our comprehensive financial calendar! From tax filing to benefit distributions, we guide you through key dates like the $7,000 TFSA contribution and $8,000 First Home Savings Account. Bookmark now for a financially savvy year!
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Aquafinancial Consulting
Walé Gbalajobi, BA, FICB, PFP
Financial Advisor
T: (403) 804-4486
aquafina@aquafinancialconsulting.com
Walé Gbalajobi, BA, FICB, PFP
Financial Advisor
T: (403) 804-4486
aquafina@aquafinancialconsulting.com
3402 8 Street SE
Calgary, AB
T2G 5S7
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We tailor all our financial consulting services to suit the needs of individual clients. We assign a team of dedicated personnel to work with every client. Our experienced personnel have years of experience in financial consulting making us ideal for all individual and small business financial consulting needs.