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.
|TFSA with FlexiFonds||RRSP with FlexiFonds|
|Main savings objective||Carrying out a project||Planning your retirement|
|30% tax credits only available with the Fonds||No||No|
|Contribution room||$6,500 for the year 2023 and up to $88,000 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 $30,780, which is the annual contribution limit for the 2023 tax year|
|Contribution deadline||None||March 1, 2024, for the 2023 tax year|
|Minimum age||18||As soon as you have declared income in the previous year|
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
Are you new to the job market?
Do you have children under the age of 18?
Do you anticipate a low retirement income?
Don't need the minimum withdrawals from your RRIF?
Why choose FlexiFonds?
70% of FlexiFonds mutual fund assets are related to the local economy.
Most frequently asked questions
Still unsure? Talk to a FlexiFonds mutual fund advisor.
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