3 min read

RSP, TFSA, FHSA – Which Account Should I Use?

By Andrea Bove on May 20, 2024 12:35:14 PM

One of the first questions that potential investors often ask is which account should I useRegistered Retirement Savings Plans (RSP), Tax Free Savings Account (TFSA), or First Home Savings Account (FHSA)? All of these accounts offer benefits to investors and understanding the differences between them is the first step in making a choice.

Topics: Financial Literacy TFSA RRSP Financial Advice Investing Advice FHSA
5 min read

What is an RRSP?

By Trevor Lagerwerf on Apr 1, 2024 12:00:00 AM

An RRSP (Registered Retirement Savings Plan) is a type of account you can use to defer income taxes until you retire, when you will theoretically have less income. Similarly to a TFSA, there are different types of investments you can direct your plan towards, including mutual funds and GICs. You are allowed to contribute 18% of your earned income such as salary, commission, bonuses and business income to your plan each year, up to an annual maximum determined by the Government. This contribution room accumulates if you don’t use it.

Topics: Retirement Planning RRSP Investing Advice
3 min read

Investing 101: Explaining the magic

By Trevor Lagerwerf on Apr 1, 2024 12:00:00 AM

Investing: [verb] confusing process involving magic and midwifery, in which your money is swept away today with the hopes of producing more money in the future. See related terms: dreams, confusion, fees, retirement, and future.

Topics: TFSA RRSP Investing Advice Financial Planning
3 min read


By Trevor Lagerwerf on Apr 1, 2024 12:00:00 AM

From our previous blogs What is a TFSA, really? and What is an RRSP? you can learn both offer tax advantages to help you reach your savings goals.

Topics: Saving for the Future Retirement Planning TFSA RRSP
3 min read

Living with your investments and yourself post-retirement

By Trevor Lagerwerf on May 26, 2019 5:19:50 PM

At PenFinancial, we know that retirement is both a goal and a destination. I meet many people that have planned for how to get to retirement, but have no idea what to do with their finances or their time when they get there. They struggle to answer when I ask what their plans are for retirement. Some say they’ll enjoy staying home every day. It may sound great for a while. Lounging in your robe and not having to deal with coworkers is great. But what happens when you start to go stir crazy? What happens when you want more from your retirement? Staying home every day isn’t as great when you don’t have enough money to do anything…or any idea of what you want to do.

Topics: Saving for the Future RRSP Investing Advice Financial Planning