Banks, credit unions, insurance companies, brokerage firms and wealth management companies are all competing for a share of your retirement savings. The study also found that withdrawals from these plans are declining, so fewer people are dipping into their retirement savings for other purposes. That bring us to the first question: Should you use an RRSP or a TFSA to save for retirement? At some point you could even withdraw money from the TFSA tax-free and contribute it to an RRSP for a big refund. For an RRSP, you can add 18 per cent of the previous year’s earned income, to a maximum of $26,500.

Source: thestar February 01, 2019 10:07 UTC