RRSPs and TFSAs both offer tax-saving benefits and opportunities for your money to grow. However, there are a few key differences between them. For example, contributions to an RRSP are tax deductible while TFSA contributions are not. Thus, for some people, an RRSP may be ideal while for others TFSAs may make more sense. Here are a few situations where it would be better to invest in TFSAs.
Life is simple when you only have to worry about your W-2 form and your 1099 savings account interest, even though it might not seem so during tax time. However, once you become a blogger or freelancer you will be juggling multiple 1099s, tax deductible SEP IRAs, and Schedule Cs.
Tax time will then really start to seem like a nightmare. Therefore, today to try to make things a little simpler for you we are providing you with some tax tips that are applicable to bloggers and freelancers.