Which Savings Plan Is Right For You? TFSAs vs RRSPs

Posted on February 10, 2015 and updated February 11, 2015 in Infographics, Life Insurance Canada News 1 min read

There are several different options when it comes to creating a savings plan. Two popular choices include both a registered retirement savings plan and a tax-free savings account. In this infographic we break down whether if a RRSP or TFSA is the right savings account for you.

 tfsa rrsp infographic

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Ami Maishlish
Ami Maishlish

Well done and presented. I would, however, want to note that you have an error. For RRSP you note that the contributions are “Tax Deductible”. No, they are not. Rather, the contributions are INCOME deductible, to reduce the amount of income on which tax is payable rather than being deductible from tax payable. In other words, if I live in Ontario, am above age 65, and my earned income is $300,000 (and therefore subject to the Trudeau Tax surcharge as well as to the age penalty tax) approximately 54% of my income above $220,000 would be taxable in years 2016… Read more »

LSM Insurance
LSM Insurance

Thanks Ami. That’s an interesting observation.

Dan Anders
Dan Anders

You have great stuff, so refreshing to see your creativity inside of our stale industry! Kudos!!!

LSM Insurance
LSM Insurance

Thanks Dan. Much appreciated.

Mark Seed (@myownadvisor)
Mark Seed (@myownadvisor)

Love the new look guys, nicely done 🙂

Mark

Syed Raza
Syed Raza

Thanks for the kind words Mark! Its a work in progress, we will be rolling out some more cool updates soon.

Brian So
Brian So

Nice infographic. Also loving the look of the new design for the website!

LSM Insurance
LSM Insurance

Thanks Brian – nice of you to say.