The Heart of HGA: Santas Anonymous

-The main difference between TFSAs and RRSPs is access: you can invest in and withdraw from a TFSA with near total freedom, while an RRSP is much more limited.

-TFSAs have a lower contribution limit than RRSPs, however both have very specific contribution limits.

-A TFSA are more of an investment account than a traditional savings account.

-You can only contribute cash savings to an RRSP.
Contributions to RRSPs are tax-deductible.

-A TFSA is a great option if you think you may need access to the funds before you retire.

-You cannot (in most circumstances) invest or withdraw your RRSP funds until age 55