Planning for retirement is crucial—and Canada offers several tax-advantaged investment vehicles. The key is to start early and choose the right mix based on your goals.
Top Retirement Accounts:
- RRSP (Registered Retirement Savings Plan) – Contributions are tax-deductible, grows tax-deferred.
- TFSA (Tax-Free Savings Account) – No tax on withdrawals, good for both short and long term.
Investment Options Inside These Accounts:
- ETFs and Mutual Funds
- Government Bonds
- Dividend Stocks
Tips:
- Max out RRSP before TFSA if you’re in a high tax bracket.
- Consider robo-advisors like Wealthsimple for hands-free investing.
Diversify between risk levels, rebalance annually, and start contributing early to maximize compounding returns.