I am hoping you wonderful folks can provide some advice on RRSPs and TFSAs in Canada.
I have heard that if your income is relatively low, that it doesn't make a lot of sense to have an RRSP because you won't qualify for GIS. I don't really understand this but if someone could explain it better for me?
So my income is around $40,000 - I didn't start working f/t until my 30s and will likely work at a similar salary until I am 60-ish. Does it make sense for me to start an RRSP or a TFSA or both?
Thanks.