TFSA versus RRSP – What you need to know to make the most of them in 2022
Both TFSAs and RRSPs can be significant savings vehicles for your clients. We've put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals.
The deposit section focuses on:
• How much contribution room is available each year.
• How carry forward works for TFSAs and RRSPs.
• Tax deductibility of contributions.
• Tax treatment of growth.
The withdrawal section focusses on:
• Conversion requirements
• Tax treatment of withdrawals
• Impact of withdrawals on government benefits
• Impact of withdrawals on contribution room
2022 Financial Calendar
Looking for an "at a glance" document covering all the important dates you need to know to stay on track with your financial planning in 2022?
Our 2022 financial calendar (which you can easily bookmark or print out) makes sure you're always in the loop! It lists important dates, including:
• Payments dates for the Canada Child Benefit, CPP, OAS, and the GST/HST credit.
• When TFSA contribution room starts again.
• Tax filing deadlines.
• Charitable contribution deadlines and the last day to contribute to registered investment accounts.
• When the Bank of Canada interest rate announcements are.