Investment Account Selector
TFSA or RRSP? What about FHSA? And when does a non-registered account even make sense? This wizard walks you through a few questions and gives you a prioritized recommendation.
It's not personalized financial advice — but it applies the same logic I use when friends ask "where should I put this?" Answer honestly about your income, timeline, and contribution room, and you'll get plain-language reasoning you can actually follow.
Long horizon — RRSP tax deferral has more time to compound.
Primary recommendation: RRSP. Contributing at 30% and withdrawing at an estimated 19% gives a 10.6 point spread in your favour — that's the RRSP government partnership working for you.
Primary recommendation
RRSP
Contributing at 30% and withdrawing at an estimated 19% gives a 10.6 point spread in your favour — that's the RRSP government partnership working for you.
RRSP government partnership
At your income of $75,000 in Ontario, an RRSP contribution saves 29.6% in tax today — the government effectively co-invests ~30% of each dollar through the refund. Estimated withdrawal rate: 19.1%. The 10.6 percentage-point spread is your RRSP advantage — you contribute at a higher rate than you'll likely withdraw.
- Contribute at
- 29.65%
- Withdraw at
- 19.05%
- Rate spread
- +10.6 pts
Contributing at 29.65% vs withdrawing at 19.05% — 10.6 points in your favour.
Priority order for your next dollar
- 1 RRSP93% suitability
Contributing at 30% and withdrawing at an estimated 19% gives a 10.6 point spread in your favour — that's the RRSP government partnership working for you.
- 2 TFSA65% suitability
In the $50K–$90K range with 20 years to invest, TFSA first builds tax-free flexibility before optimizing RRSP deductions.
- 3 Non-registered20% suitability
Non-registered investing makes sense after registered accounts are full — you still owe tax on gains and dividends, unlike the tax-free compounding inside RRSP/TFSA.
- 4 High-interest debt payoff10% suitability
If you carry credit card or consumer debt above ~8%, paying it down beats investing in any account.
- 5 FHSA5% suitability
FHSA is only available to first-time home buyers with remaining lifetime room.
RRSP — key facts
- Contributions reduce taxable income today; the tax refund is the government co-investing in your account — not free money.
- 2026 contribution limit is 18% of prior-year income, up to $32,490.
- When contribution and withdrawal rates match, RRSP and TFSA produce the same after-tax result.
TFSA — key facts
- Contributions are made with after-tax dollars; growth and withdrawals are tax-free.
- 2026 annual limit is $7,000; unused room carries forward.
- Flexible — withdraw anytime without tax or penalty. Withdrawn amounts restore room next year.
Non-registered — key facts
- Use after registered accounts are maxed — no contribution limits.
- Only 50% of capital gains are taxable; dividends get preferential treatment.
- Track your adjusted cost base (ACB) for accurate tax reporting on sale.
High-interest debt payoff — key facts
- Paying off debt above ~8% is a guaranteed return with zero risk.
- Credit card and consumer debt usually beats expected investment returns.
- Build a small emergency fund first, then attack high-rate balances.
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RRSP vs TFSA vs Unregistered
See how RRSP, TFSA, and unregistered accounts compare over decades — and why the RRSP refund isn't free money.
TFSA Room Calculator
Calculate your available Tax-Free Savings Account contribution room based on your age and history.
Canadian Tax Calculator
Estimate your 2025/2026 federal and provincial income tax for Ontario, BC, or Alberta.
These calculators use hypothetical assumptions for illustration only — not a guarantee of future performance or personalized financial advice. Consult a qualified professional before making investment or tax decisions.