Tax-free savings account

What is the difference between TFSAs and retirement annuities?

Tax-Free Savings Accounts were created to encourage saving and not as a retirement product, although you may use them for retirement savings. The key distinction is TFSA contributions are made with after-tax money and do not qualify for any deductions against taxable income. Retirement annuity contributions, on the other hand, are made with pre-tax money and are deductible from your taxable income.

TFSAs and RAs also differ with respect to access to funds, investment allocation limits, tax levied on withdrawals and contribution allowances.

10X Index Fund Managers (RF) Pty Ltd is a Manager registered under the Collective Investment Schemes Control Act.

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