Your investing questions, our clear answers.

Our response:

First, we should let you know that we can’t give you any specific investment or financial advice. That said, we do try to help as best we can.

There are many differences between TSFAs and RRSPs, and you can read about some of them in this previous question.

TSFAs and RRSPs both offer tax advantages to help you reach your savings goals. If you can afford it, a good strategy is to contribute as much as you can to both. But if you have to choose one over the other, make sure you understand how they differ and make your choice based on your own individual financial and tax situation. You may want to speak with a registered financial professional for advice. Learn more about TFSAs and RRSPs.