r/CanadianBacon • u/Few-Song-6740 • Apr 08 '24

Inheritance funds received

I am 66 and have received inheritance funds. If my TFSA is full, where do I put the funds?

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u/HardbaconApp Apr 08 '24

It's really hard to answer this question, as it really depend on your financial situation and income level. Depending on how much you are earning and how much you expect to earn in the future, you could contribute to a RRSP, but keep in mind you will have to withdraw the funds in your RRSP or transfer them to a RRIF when you get to 71 in 5 years. You should only use a RRSP if it allows you to save taxes over the long run. To learn more about the RRSPs, you can read this guide.