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What is the difference between RRSP and TFSA? Briefly describe how each one works. What is...

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Finance

What is the difference between RRSP and TFSA? Briefly describehow each one works. What is the advantage of RRSP over TFSA? Whatis the
advantage of TFSA over RRSP? What is the advantage of each(RRSP andTFSA) over a regular taxable investment account?

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An RRSP is a registered retirement savings plan It is a type of savings account in which the contributions made into the account are taxdeductible However the the amount withdrawn later is taxable A TFSA is taxfree    See Answer
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