TFSA vs RRSP Canada

Hlo Guys,
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This video is especially for people living in Canada. so if you are not from Canada. feel free to skip video, as time is precious. so Basically this video is all about TFSA ( tax free saving account) and RRSP( register retirement saving plan).
In TFSA any money that you put in it and it gains interest is tax free. so any interest earned in TFSA is tax free while in the normal world where interest gained in a bank is taxed. This program was started by the government of Canada in 2009. so the annual contribution room(amount that you can put in TFSA) in 2020 was $6000. any more money that has been deposited in TFSA will be 1% taxed until it does not get fixed. so I highly suggest to keep money under contribution limited in order to save yourself from trouble.
Who can open it?
Anyone living in Canada, 18 year old and has a valid SIN number can open it.
In RRSP any money that you put in there is not taxed until it stays in RRSP. the time you take the money out you will be taxed for it. so it is really helpful for people who come under a high tax bracket and they can put their money in it and they will have to pay less tax.
The contribution limit can be seen in your CRA account. if you have more money than your contribution limit you will be taxed 1% until you don't fix it. whenever you file a tax make sure to tell that you have an RRSP account. this way you will not be taxed for all the income you earned in that specific year. Another thing to make sure is that the deadline to put money is 71 year. you cannot put any money after you turn 71.
You can also withdraw $35,000 for your HBP( HOME BUYER PLAN). if you want to buy a house and don't have enough money then you can take money from RRSP and will have to return all of it in the next 15 years. your 15 years period will start after 2 years of money you took. you will be given an annual money plan in tax filing time. you can also pay more than the actual amount too.
What to do with RRSP After 71 year of age?
You can transfer your money to RRIF(Registered retirement Income Fund). by doing this you will get your money back in a way of pension. your money will be divided into monthly plans.
OR
You can also buy annuity which means buy life insurance and then you can get it out also.
I hope you will like my content.
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