6 - Ways We Saved Money this week, understanding RRSPs & TFSAs and how to decide between them
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6 - Ways We Saved Money this week, understanding RRSPs & TFSAs and how to decide between them
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In this episode of TGIF Two Girls Investing Friday, hosts Jess and Colleen discuss practical ways they saved money this week, such as working out at home and preparing cost-effective meals. They delve into the differences between two key Canadian investment accounts: the RRSP (Registered Retirement Savings Plan) and the TFSA (Tax-Free Savings Account). The episode covers how each account works, tax implications, and strategies for deciding which to invest in based on your income. They also touch on taking loans from your RRSP for education and home buying, and offer tips to maximize tax returns.
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00:00 Introduction to TGIF: Two Girls Investing Friday
00:34 Weekly Money-Saving Tips
08:02 Investing in RRSP vs TFSA
08:13 Understanding RRSP and TFSA
09:03 Tax Implications and Strategies
10:38 Practical Tips for Managing RRSP and TFSA
22:27 Final Thoughts and Next Steps