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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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Can I draw money from RRSP or TFSA ?

Customer Question

can I draw money from RRSP or TFSA for investing ?
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
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Expert:  Lane replied 1 year ago.
Hi,...Yes you certainly can Or you can simply change how the dollars inside the accounts are invested....One of the key differences between RRSPs and TFSAs is how they treat contributions and withdrawals when it comes to taxes....TFSA contributions are not tax deductible, while RRSP contributions can be deducted to reduce your taxable income. It appears that RRSPs would have the advantage here, but it's not always the case....Because TFSA contributions are made from after-tax income, there's no tax to pay when those funds are used at a later date....Putting money into an RRSP will give you a tax deduction today, but also leaves you with a future tax obligation. You'll still enjoy tax-deferred growth while those funds remain invested, but remember that you'll eventually owe tax when they're withdrawn....have In understood your question?
Expert:  Lane replied 1 year ago.
Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work until you have rated in this way....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986 - to clients in six different countries on three continents.