A Tax-Free Savings Account (TFSA) is a flexible investment account that you can use to meet short and long-term goals. Assets held inside a TFSA can earn interest, dividends or capital gains, but this income is not taxed, even when amounts are withdrawn from the TFSA, unlike a Registered Retirement Savings Plan (RRSP). Therefore, a TFSA can be used for both retirement and pre-retirement goals.
Since your Registered Retirement Savings Plan (RRSP) matures on December 31st of the year you turn 71, you will likely convert it to a Registered Retirement Income Fund (RRIF). A RRIF is funded by rolling your RRSP funds into the RRIF on a tax-deferred basis. You can then use the funds in your RRIF as an income source for retirement. You can see a RRIF as an extension of your RRSP. As with your RRSP, you can continue to manage the investments in your RRIF. Like an RRSP, the growth of investments held within a RRIF is tax-deferred.
Carson Law is actively searching for an Assistant Financial Clerk to assist with tasks associated with the financial responsibilities required to complete real estate transactions as well as daily operations. This is the perfect job for anyone looking to enter a rapidly growing firm or a recent graduate hoping to enter the workforce and continue building their knowledge base.