Ipsos-Reid recently conducted a poll for the Canadian Federation of Independent Business regarding retirement savings. When asked if they had extra money to put towards retirement how would they prefer to invest it, 51 percent of respondents preferred Tax Free Savings Accounts. That was followed by 44 percent who would use RRSPs. The CFIB’s Elliott Sims explains these have appeal because you are in control of your retirement savings so you get to decide how it’s going to be managed and you also have some other abilities to move the money around as most people know RRSPs can also be used for things like buying a home or providing for educational purposes and then being paid back later. Sims adds when you look at Tax Free Savings Accounts you can move that money in or move it out as the need arises in your lifestyle.
You can find more on this poll at their website www.cfib.ca.