One concept that some people missed when evaluating RRSP/TFSA is that almost all investment income is taxed twice in Canada. Only RRSP/TFSA investment income is taxed once.
For example, to invest $1000 and generate $50 in interest, capital gains or dividends, your start with eg $1400 pre-tax personal or business income in most circumstances. But in RRSP/TFSA, your ending investment income is taxed only once, at the end for RRSP and at the beginning for TFSA.
That's why RRSP/TFSA will always give higher after tax investment income in theory than that from a non-registered account.
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