An RRSP is an investment vehicle designed for Canadians to save toward retirement and at the same time offer tax deduction.
As the name suggested, any investment income within the TFSA is 100% tax-free. This allows your money to grow faster than a taxable account.
An RESP is a savings vehicle designed to encourage parents to save for their child's education expenses.
Planning on buying your first home? The FHSA gets the best of both worlds - The contribution is tax-deductible and investment income is tax-free.
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