RRSP basics
An RRSP is commonly used for retirement savings. Contributions may reduce taxable income, while investment growth is tax-deferred until withdrawal. This can be useful when you expect to be in a lower tax bracket later or want to save consistently for retirement.
TFSA basics
A TFSA is more flexible. Contributions are not tax-deductible, but eligible growth and withdrawals are generally tax-free. Many people use TFSAs for emergency savings, medium-term goals, retirement supplements, or flexible investing.
Choosing between them
RRSP may fit when
You are in a higher tax bracket, want a retirement-focused account, or can use the tax refund intentionally rather than spending it casually.
TFSA may fit when
You need flexibility, expect income to rise, want tax-free withdrawals, or are saving for goals before retirement.
How FinVisor helps
Azadeh helps review contribution priorities, account mix, risk comfort, time horizon, and whether existing investments still match your goals. The advice focuses on understandable tradeoffs rather than jargon.