Max out your investment goals
Investing in a TFSA and RRSP is a tried-and-true way to reach your financial goals. With Max Out Mondays, we’re giving away weekly prizes to help you reach them faster.
Over $100,000 in cash prizes
Invest in your TFSA or RRSP, and we might just reward you with the maximum contribution for the year. The more you deposit, the more chances to win.
Winners every week
More prizes drop every Monday, so you have a new chance to win every week leading up to the RRSP deadline.
One dollar = one entry
We’ll be doing multiple draws to win the max contributions for the TFSA and RRSP.
Open to all clients
This contest is open to all Wealthsimple clients. Wherever you are financially, we’re here to help you make the most of your money.
Which is best: TFSAs or RRSPs? Or both?
TFSAs let you:
Save your way
Set your sights on goals like an emergency fund, a big purchase, or a well-earned vacation.
Keep the gains
Your money grows tax-free while it’s invested. The contribution cap this year is $6,500 — the highest in a long time.
Easy to withdraw from whenever you need it — and you get the contribution room back the next year.
RRSPs let you:
Plan for the long term
Designed for retirement funds, first home purchases, and lifelong learning. Your max contribution room for 2022 is $29,210.
Pay tax later
Use your RRSP to offset your taxable income and postpone the taxes you’ll pay until you withdraw it.
Time your moves
Just remember: an RRSP isn’t quite as flexible as a TFSA. Withdrawals have tax implications, so you’ll say goodbye to that contribution room.
Every dollar you deposit from January 1st to February 12th enters you into the Max Out Monday draws. So, the more you invest in your goals, the more chances you have to win.
Easy. You can get signed up in just 10 minutes — no paperwork or minimum balance required. You’ll be able to choose from a Managed Investing account, tailored to your goals and risk tolerance, or to build your own portfolio from thousands of stocks and ETFs commission-free. Both allow you to invest in TFSAs and RRSPs.
That all depends on your income, goals, and time horizon. Both are great investing tools and come with different tax advantages. As an introduction, it may be best to prioritize a TFSA if you earn approximately $50,000 or less and to contribute to an RRSP if you earn more than that. You may even want to contribute to both, for different goals. Read more on all that here.
We’re obviously biased, but we think we’re way better! Wealthsimple offers low-fee Managed Investing so you can open or transfer an account, set-it-and-forget-it, and possibly keep more of your money over the long haul. Prefer to be more hands-on? Our Stocks & ETFs accounts allow you to trade stocks commission-free and auto-invest a portion of your paycheque. And when you transfer an existing account of $5,000 or more, we’ll cover the transfer fees.
No problem, you still win. Your winnings will be deposited into your Personal account (rather than into your RRSP or TFSA accounts, which have limits). What you do with the money after that is up to you. As a refresher, the 2023 TFSA contribution room is $6,500 (plus any unused room from previous years). The RRSP contribution room for 2022 (the one you’ll want to hit in time for the March 1st deadline) is $29,210, plus any unused room. Want to find out your contribution limits? Have a peek at last year’s tax return, or through your CRA My Account.