If you wake me up from sleep any day or night and ask me the meaning of TFSA I can tell you the meaning, benefits and how to utilize it. It’s my favorite.
There are pros and cons to each but I am a big fan of Wealthsimple and TD direct Investing! If you’re a beginner, Wealthsimple is a good start as they low fees
With the RRSP.... Whats happens when you are ready to pull the money out during retirement? Do you have to pay additional tax on it. At what age can you start accessing that money?
You pay taxes based on what your marginal tax rate is. So if you take out $50k from your RRSP in one year and that is your only source of income for the year, you’ll be taxed like someone who made $50k. You can take out the money at any age but to take it out without paying additional withdrawal taxes, you can do it at 65.
@@queenhustle83 you can put money into the RRSP before taxes are taken out. You can ask your employer to put it in before you get your paycheque. But also, if you put in with money you’ve paid taxes on already, remember you get a tax refund that year. If you make $65,000 and decide to put $5000 into the RRSP, you’ll only pay taxes on $60,000. Does that make sense?
Despite the financial struggles my family and I faced, everything is finally falling into place! Weekly earnings and wealth of $47,000. I will always praise the Lord!!! ❤
