So where should you invest your money? In a TFSA or RRSP?TFSA or RRSP?
For most, the answer is “a bit of both.”
Both plans are registered and provide a way to save for your retirement and other future lifestyle expenses. Current income levels play a large role in answering the question and both plans allow for your savings to remain tax sheltered while inside the plan.
It’s also a good idea to ask yourself if you have a known short or medium-term need (under five years), or long term retirement needs.