The low savings rate among Quebec workers motivated the provincial government to introduce legislation requiring all businesses with more than five employees to set up a retirement savings plan.

While money contributed to an RRSP is taxable when withdrawn, contributions to a TFSA are made with after-tax dollars and are not subject to any further taxation. As a result, every dollar in a TFSA will be earning tax-free interest.


The shaky economic situation in Europe and Japan has created significant pressure on central banks, causing them to loosen their monetary policy to support the economy. As a result, this has gradually given rise to negative interest rates on various fixed-income financial instruments. In other words, certain investors are now confronted with the situation of having to pay to invest their money.