The RRSP Refund Is Not a Gift | RRSP vs TFSA vs FHSA

RRSP vs TFSA vs FHSA: which one is right for you? In this solo episode, Dwight Heck explains how the Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), non-registered account and First Home Savings Account (FHSA) really work in Canada, and why the refund that feels like a gift is actually a deferral. Dwight, a financial and life coach with 24 years in the industry, walks through the tax on the way in and the tax on the way out, the Old Age Security (OAS) clawback, and how interest, dividends and capital gains are taxed. American listeners get a short map of the 401(k) and the Roth Individual Retirement Account (Roth IRA). Before any account, he says, comes the plan. What you will learn: Why the RRSP refund is a deferral and the one question that decides if it is a good deal How the TFSA, FHSA and non-registered account are taxed differently from the RRSP How RRSP withdrawals can trigger the OAS clawback and why TFSA withdrawals do not How interest, dividends and capital gains are taxed in a non-registered account How the 401(k) and Roth IRA compare for American listeners Two questions to ask any advisor before you open an account Connect with Dwight Heck: 🌐 Give A Heck Website 🎤 Podcast Page 📺 YouTube Channel 📘 Facebook 📸 Instagram 💼 LinkedIn 🎵 TikTok 🐦 Twitter / X 🎤 Work With Me