What Are the Differences Between an RSP & a Tax-Free Savings Account?

Answer The Canadian government encourages citizens to save through the use of investment vehicles that have tax benefits. The RRSP (Registered Retirement Savings Plan) and the TFSA (Tax-Free Savings Accou... Read More »

Top Q&A For: What Are the Differences Between an RSP & a Tax...

What are the differences between an RRSP& a tax-free savings account?

In Canada, the Tax-Free Savings Account (TFSA) allows you to not pay taxes on select investments in the account. A Registered Retirement Savings Plan (RRSP) allows you to contribute taxable income... Read More »

What is the difference between a health savings account&a flexible spending account?

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are ways to put money aside for future heath care costs. Both provide tax advantages, but the qualifications and functions of th... Read More »

Is there a difference between the APY on a savings account& a high-yield money market account?

No, the formula for annual percentage yield (APY) is one plus the periodic interest rate. Then raise the sum to the power of the number of periods of investment. Finally, subtract one. The formula ... Read More »

What is the difference between a savings and checking account?

Checking accounts are funds deposited in a bank and are typically used frequently to pay for bills and other day-to-day expenses and purchases. Savings accounts are also bank deposits but are gener... Read More »