A TFSA offers tax-free growth and withdrawals, allowing income splitting with family members. An RRSP is a tax-deferred retirement plan with tax-deductible contributions and taxable withdrawals. Strategies include in-kind contributions and RRSP loans. Maximizing RRSP contributions is vital for those in higher tax brackets. After age 71, contributions to a Spousal RRSP or TFSA are possible with earned income. Diversifying investments and systematic contributions can boost returns.
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