Decision guides

Since you own a home, the FHSA is off the table — choose between RRSP and TFSA based on your tax bracket.

You can't contribute to an RRSP anymore — the TFSA is the only account left that grows and withdraws tax-free.

Put your emergency fund in a TFSA — you can pull money out instantly with zero tax, and the room comes back next year.

You can't put money into a TFSA for a spouse who doesn't live in Canada — it triggers a monthly penalty.

Each person should max out their RRSP to cut their own top tax bracket, then balance your TFSAs equally.

The FHSA gives you a tax refund when you put money in AND lets you take it out tax-free to buy a home — best of both worlds.

When you earn over $117K, an RRSP gives you back roughly 43 cents for every dollar you put in — that's too big to ignore.

Use the TFSA as your main account for flexibility, but pile into the RRSP when you have an unusually high-income year.

RRSP withdrawals in retirement can cost you government benefits — TFSA withdrawals don't.

At moderate income, max your TFSA first, then use the RRSP — unless you have kids, then RRSP first.

At a starter salary, put your savings into a TFSA so your RRSP room is waiting when you earn more.

You have no RRSP room yet — your first year in Canada gives you $7,000 of TFSA room to start investing tax-free.

Start with the RESP to get the government's 20% match, then overflow into a TFSA for extra education savings.

An RRSP lowers your income on paper, which makes the government send you bigger monthly child benefit payments.

Pay off expensive debt like credit cards before investing — a guaranteed 20% return beats any savings account.

Max your TFSA and FHSA immediately, use the RRSP to lower this year's taxes, and invest the rest in a regular account.

You didn't earn TFSA room while living abroad — but your pre-departure room and RRSP carry-forward are still waiting.

If you'll be in a lower tax bracket when you retire, RRSP wins. If not, TFSA wins. If rates are the same, it's a tie.

You pay double CPP as self-employed — RRSP deductions help claw back that extra tax burden.

With unpredictable income, you need savings you can access instantly and tax-free — that's the TFSA.

Your side hustle gets taxed at your highest rate — an RRSP wipes that tax out completely.

The high earner gets the big tax refund now, and the lower-earning spouse pays a tiny tax rate when they withdraw in retirement.

If you don't owe tax, an RRSP can't save you any — put summer earnings into a TFSA instead.

At 50%+ tax rates, every dollar in your RRSP gives you back more than 50 cents immediately — you can't afford not to.

Putting money into an RRSP right before retirement is risky — you might pay more tax pulling it out than you saved putting it in.