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RRSPs or TFSAs, what should you do?

First Credit Union financial professionals empower members through knowledge 
First Credit Union’s team of experts are available to discuss your RRSP and TFSA options.

March 1 is the deadline to contribute to RRSPs for the 2022 tax year, and now is an excellent time to take advantage of income tax deductions and increase tax returns this spring, according to Katryna Lawry CFP® at First Credit Union and Qtrade Asset Management.

“The beginning of the year is a great opportunity to review your financial picture and see how we can help,” says Lawry. “Many people have questions about RRSPs and TFSAs and wonder what the best choice is for them. Depending on financial goals, we can help decide whether a tax-free savings account or an RRSP, or a combination of both, is the right solution.”

Jenna Lacey, Personal Account Manager with First Credit Union and Mutual Funds Representative with Qtrade Asset Management, highlights the use of a financial blueprint with members.

“We discuss short and long term goals, review where they’re at financially today, and determine how best to help them achieve those goals,” explains Lacey. “We love empowering our members through knowledge and bettering their financial well-being.”

Contributions to an RRSP offer many advantages, including tax deferred growth and income tax deductions.

“It reduces the income tax you’re paying now and helps you save for your retirement goals,” says Lawry.

TFSAs allow anyone 18 or older to set money aside tax-free throughout their lifetime. Although contributions are not tax-deductible, all investment growth is tax free, even when withdrawn.

“Tax-free savings accounts started in 2009, and every year new contribution room becomes available,” explains Lawry. “If you were 18 in 2009, and never contributed before, you could contribute up to $88,000 in total today.”

Anyone who has been diligent in maxing out their TFSA every year will be happy to hear that the 2023 annual contribution room has increased to $6,500, adds Lacey.

 “When meeting with your wealth professional, they can determine whether an RRSP or a TFSA will be better,” says Lawry. “Each situation is unique, and we love being able to take the time with members to learn more about their financial situation and help them make the choices best suited for achieving their goals.”

There are different investment options to choose from when looking at RRSP and TFSA contributions, such as term deposits, which offer a guaranteed rate for a set period of time, or mutual funds, which can help diversify a portfolio.

“Come speak to one of our team members to discuss your options,” adds Lawry.

First Credit Union is a member-owned cooperative and provides a whole suite of financial products beyond just RRSPs and TFSAs, including mortgages, loans, business lending, everyday banking and access to wealth management solutions. 

As a B-Corp Certified cooperative financial institution, First Credit Union measures success not by financial gain and growth alone but by measuring their positive impacts on people, the planet and prosperity, says impact manager Caitlin Bryant.

“Each year, First Credit Union commits 10 per cent of our net profits to impact initiatives,” adds Bryant, “which includes community funding, scholarships, capacity-building programming for non-profits and small business, and community partnerships that seed change in the communities we serve.”

The First Credit Union team is available to connect with members looking to open or contribute to their RRSPs or TFSAs. For more information, call 604.485.6206, or go to

“Book an appointment so we can chat about your goals, where you’re at today, and where you would like to be,” says Lawry. “Then we can sit down and come up with a plan for you.”

Mutual funds and related financial planning services are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc). Financial planning services are available only from advisors who hold financial planning accreditation from applicable regulatory authorities. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.