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Stock impact report

TFSA or RRSP: Doesn't Matter if You Don't Invest! [Yahoo! Finance Canada]

MercadoLibre, Inc. (MELI) 
Last mercadolibre, inc. earnings: 2/10 04:01 pm Check Earnings Report
The latest Statistics Canada data showed that 11.3 million tax filers contributed to either a TFSA or an RRSP in 2023. Of those, five million contributed only to a TFSA, 3.8 million contributed only to an RRSP, and 2.5 million contributed to both. That sounds encouraging, but it also means many Canadians are still either not contributing at all or not using both accounts. After all, our population currently sits at about 40.5 million, meaning only about 6% of Canadians contributed to both a TFSA and RRSP! Why it matters What really changes your future is not just putting money into a TFSA or RRSP, but what that money does once it gets there. A TFSA can shelter growth and income from tax. An RRSP can give you a tax deduction today and tax-deferred growth until withdrawal. Both are powerful. But if the cash just sits there, the account becomes more of a storage box than a wealth-building tool. The wrapper helps, but the investment does the real lifting. That is why time matters so Show less Read more
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