Which of the following is an important factor to consider in deciding between saving in a TFSA account or an RRSP account?

Question

Quizplus · Accepted Answer

Your tax bracket is crucial because RRSP contributions are tax-deductible and can lower your taxable income, which is beneficial if you're in a higher tax bracket. TFSAs, on the other hand, are not tax-deductible, but withdrawals are tax-free, making them advantageous if you expect to be in a higher tax bracket in the future.

Which of the Following Is an Important Factor to Consider