RRSP or TFSA? (You may be surprised)

A great perspective from my buddy JJ on TFSA vs. RRSP which has me re-thinking my strategy.

engineering wealth

According to a recent survey from the Bank of Montreal (http://newsroom.bmo.com/press-releases/bmo-annual-tfsa-report-tfsa-adoption-among-canadi-tsx-bmo-201312190918655001) most people still don’t have a Tax Free Savings Account (TFSA), although nearly twice as many people in 2013 had one than in 2012.

TFSAs are AWESOME

I like TFSAs much better than Registered Retirement Savings Plans (RRSPs). Why? Like a RRSP they grow tax free, but instead of getting the tax credit up front you get it at the end. Since most people I know don’t reinvest their “tax refund” from their RRSP, back into their RRSP dollar for dollar, you are better off investing in a TFSA. You pay NO TAX on anything you withdraw from you TFSA. All withdraws from an RRSP – principle and growth, is taxed (and counted) as income. Income is taxed at double the rate of capital gains. Withdraws/income from your RRSP also take away from Old…

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A ‘Plathoon’ of Canadian Flags

Visiting the several towns involved in the failed Dieppe Raid, you see more Canadian flags than any place in Canada (with the exception of on Canada Day). It is quite strange to see the maple leaf so prominent on foreign soil!

You can’t help but feel pride in our country when you see how much the locals still remember Canada’s contributions (even in disaster). I hope some day the people of Afghanistan will appreciate the sacrifice of the Canadian casualties as do the French, but somehow I doubt it.

This picture is taken in Pourville-sur-Mer, the location of the most ‘successful’ part of the Dieppe raid, and where Charles Merritt won his Victoria Cross (and survived!). This was actually quite controversial at the time, because strict rules that govern the awarding of the Victoria Cross state that it cannot be given to a soldier that is taken prisoner. It was assumed that when Merritt was left wounded on the beach –holding off the Germans and enabling his men’s escape– that he was killed and not captured, hence his posthumous award which then became non-posthumous (one of the few VC recipients that didn’t die getting it).

The World’s Most Awe-inspiring Tribute

We visited the monument in memory of the UK’s unknown solders –Thiepval– the prior day, and it was HUGE. While smaller, Canada’s Vimy Ridge WWI memorial makes a stronger impression! The foggy morning probably contributed to the atmosphere created as you walk towards this beautiful limestone monument, it certainly gave me goosebumps!

Pictures can’t do it justice, but I tried my best. The picture above links to more pictures. You really have to witness it first hand to appreciate this tribute to our WWI dead. It sits on an undulating treeless field created by the shelling of WWI mortars, field guns and heavy artillery, which certainly adds to the atmosphere.