Question: Part Two: Comparing TFSAs and RRSPs Complete the table (answer yes or no to the statements) RRSP TFSA Contributions are tax-deductible (Will it reduce your

Part Two: Comparing TFSAs and RRSPs Complete the table (answer yes or no to the statements)

RRSP

TFSA

Contributions are tax-deductible (Will it reduce your income for tax

purposes?)

Yes

NO

Are you taxed on your withdrawals? (This means that your withdrawals are added to your income and are taxed.)

Has an upper age limit, in regards to being allowed to contribute to

the plan (if yes, what is the age?)

Is there a yearly deadline for contribution to the plan?

Your unused contribution room is carried forward and accumulates for future years

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