How to make the most of your TFSAs in retirement
By Jonathan Chevreau on December 17, 2020
It’s generally better to contribute to a tax-free savings account than an RRSP as you approach your post-employment years. TFSAs can also take some of the sting out of required RRIF withdrawals.
Advertisement
Photo by RF. .studio from Pexels
Unlike your Registered Retirement Savings Plan (RRSP), which must start winding down the end of the year you turn 71, you can keep contributing to your tax-free savings account (TFSA) for as long as you live. Even if you make it past age 100, you can keep adding $6,000 (plus any future inflation adjustments) every year.