Whether you are entering retirement or just beginning to save, make a Registered Retirement Savings Plan (RRSP) the cornerstone of your retirement plan. Your RRSP is a powerful tool to help you save for your future while benefitting from tax deferral opportunities.
The Tax-Free Savings Account (TFSA) has been in existence since 2009. In 2020, the total available contribution room is $69,500 for those eligible Canadians who have not yet contributed. The annual TFSA dollar limit from 2009 to 2012 was $5,000. In 2013 and 2014, the limit increased to $5,500, the limit for 2015 increased to $10,000 and from 2016-2018 $5,500 and for 2019-2020 $6000.