What type of account should I focus on for my investment s?

I havent used my TFSA until this year, so I have $75k of room, but I have a high income so investing in my RRSP would bring my taxable income down.

I can’t max out both. Which should I be taking advantage of?

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Asked on September 14, 2021 8:38 am

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Hey there,

This is an impossible question to answer because it is very individualized and is very much dependent on one's own tax situation. We always recommend investors speak with an accountant or tax rep to develop a strategy that fits their profile. There really is no cookie cutter approach and there can be a reason to max out either the TFSA or RRSP first. While there are 'general rules of thumb' that people tend to throw out there (Ie - high income years, RRSP), they are not always the best course of action.

Mat

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Posted by Mathieu Litalien

Answered on September 15, 2021 6:12 am

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