TFSAs and RRSPs allow you to invest your savings to achieve your goals. As registered savings vehicles, they have distinct yet complementary tax benefits. With FlexiFonds, you can invest your savings in the local economy and carry out the projects you care about.

Useful things you can do with your TFSA:

Carry out a project: home renovations, travel, a wedding, etc.

Carry out a project: home renovations, travel, a wedding, etc.

Finance your retirement

Finance your retirement

Buy a home (without the HBP)

Buy a home (without the HBP)

OPEN A TFSA

Useful things you can do with your RRSP:

Finance your retirement

Finance your retirement

Buy a home (with the HBP)

Buy a home (with the HBP)

Go back to school

Go back to school
 

OPEN AN RRSP

TFSA or RRSP? Why not both?

Here are the main features that differentiate these complementary savings solutions. Harnessing their respective tax benefits can be a winning strategy in the short and long term.

TFSA with FlexiFonds RRSP with FlexiFonds
Main savings objective Carrying out a project Planning your retirement
Tax-deductible contributions No Yes
30% tax credits only available with the Fonds No No
Taxable withdrawals No Yes
Contribution room $6,000 for the year 2022 and up to $81,500 if you have never contributed to a TFSA and turned 18 before the year 2009 18% of your income earned in the previous year up to a maximum of $29,210, which is the annual contribution limit for the 2022 tax year
Contribution deadline None March 1, 2022, for the 2021 tax year
Minimum age 18 As soon as you have declared income in the previous year
Maximum age None 71

TFSA: Maximize your returns tax-free

The TFSA is much more than a savings account! Since you're investing net money and there are no deductions at the time of your contribution, the return on your investments will not be taxed. Indeed, the TFSA is extremely useful for medium-term projects—and the more you put your savings to work, the more it pays off!

Learn more about the TFSA with FlexiFonds

RRSP: Defer the tax payable

The great thing about an RRSP is that your contributions are tax deductible. This means you can save for retirement while reducing your taxable income, which can be very beneficial if you have a high income. However, as soon as you withdraw money from your RRSP, it's added to your income and you must pay your fair share of taxes, unless you withdraw your money to take advantage of the HBP or LLP.

Learn more about the RRSP with FlexiFonds

Which strategy is right for you?

Ultimately, choosing between a TFSA and an RRSP depends on your situation and how you plan to use your savings. Here are a few strategies that will let you take advantage of the tax benefits associated with the TFSA and the RRSP. Of course, it's always wise to speak with a personal finance professional before making a move!

Are you new to the job market?

If you know your income will increase in the next few years, it may be worthwhile to opt for a TFSA and save your RRSP contribution room for later.

Do you have children under the age of 18?

Your RRSP contributions, which reduce your tax burden, may allow you to receive more tax credits and allowances.

Do you anticipate a low retirement income?

By prioritizing a TFSA, you may be able to get more out of your government pensions, as your withdrawals will not be considered income.

Don't need the minimum withdrawals from your RRIF?

It can be a good strategy to take the amounts withdrawn, which are taxable, and invest them in your TFSA so that they generate non-taxable income.

Why choose FlexiFonds?

Investments with a strong focus on Québec
An online platform that lets you manage everything in one place
Objective and caring advice from our FlexiFonds mutual fund advisors
More than 35 years of financial experience at your service

70% of FlexiFonds mutual fund assets are related to the local economy.

Most frequently asked questions

FlexiFonds
Do I get the 30% tax credits with the FlexiFonds offering?
The 30% tax credits are only available with the Class A shares of the Fonds. No labour-sponsored fund tax credit is applicable to FlexiFonds. With  FlexiFonds products, you get the tax benefits related to the savings vehicles offered and the opportunity to easily access your savings when you need them.
More Details : Do I get the 30% tax credits with the FlexiFonds offering?
Getting Started
Should you choose an RRSP or a TFSA?
The higher your tax rate is, the more it's to your advantage to contribute to your RRSP. However, if you plan on withdrawing amounts in the short term, consider contributing to your TFSA.
More Details : Should you choose an RRSP or a TFSA?
FlexiFonds
What are the withdrawal conditions for units registered in a TFSA with FlexiFonds?
There are no withdrawal conditions or transaction fees on all FlexiFonds products.
More Details : What are the withdrawal conditions for units registered in a TFSA with FlexiFonds?
FlexiFonds
Can I transfer my savings to FlexiFonds from another financial institution?
Yes. You can transfer a TFSA or RRSP to FlexiFonds by phone or directly online. To transfer a RRIF, you will need to call us.
More Details : Can I transfer my savings to FlexiFonds from another financial institution?
FlexiFonds
What is the role of a mutual fund advisor?
Mutual fund advisors hold the mutual fund dealing representative designation. Their role is to analyze the financial position of savers to offer them mutual funds that are tailored to their needs and their investor profile.
More Details : What is the role of a mutual fund advisor?
FlexiFonds
What are the withdrawal conditions for units registered in an RRSP with FlexiFonds ?
There are no withdrawal conditions for FlexiFonds products. You should note, however, that withdrawing amounts from an RRSP gives rise to tax withholdings.
More Details : What are the withdrawal conditions for units registered in an RRSP with FlexiFonds ?

Still unsure? Talk to a FlexiFonds mutual fund advisor.

Give us a call!

Monday to Thursday, from 9 a.m. to 8 p.m., and Fridays from 9 a.m. to 5 p.m.

1-833-383-2121

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