Financial Perspective – RRSP, TFSA or FHSA?
The choice is more varied than ever.
It wasn’t too long ago that anyone wanting to save money for the future – particularly for retirement – in a tax-sheltered environment had essentially one choice: the Registered Retirement Savings Plan (RRSP). Starting in 2009, an additional option became available: the Tax-Free Savings Account (TFSA). A glance at the following graph reveals that Canadian families quickly made the TFSA their favourite savings vehicle.
And now there’s another new option that came on the scene two years ago: the First Home Savings Account (FHSA). Decisions, decisions! Here are some useful points to consider…