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RRSP? FHSA? What you should contribute to before tax season deadlines

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With the deadline for contributions to tax-deferred savings accounts approaching on Feb. 29, Canadians have more choices than ever when it comes to socking away cash and reducing their current income tax bill.

Prospective homeowners may be weighing the pros and cons of contributing to a registered retirement savings plan (RRSP) versus tax-deductible contributions to the relatively new first home savings account (FHSA). But many Canadians indicate they’re feeling stretched when it comes to saving at all.

Global News spoke to financial planners ahead of the upcoming contribution deadline to get a sense of how Canadians should be thinking about their investments amid competing priorities and looming economic uncertainty.

Nivrita Ganguly has the details.

For more info, please go to https://globalnews.ca/news/10278751/rrsp-deadline-feb-29-2024/

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#GlobalNews #Finances #Taxes
Category
U.S. & Canada
Tags
global news, rrsp, RRSP
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