TFSA vs RRSP — which should a newcomer open first?
Chen W.
Toronto, ON · asked 9h ago
26
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Just got my first Canadian job. Which account makes more sense to start with?
1 Answer
Sorted by votesWei LamVerified Expert
answered 7h ago
Start with the TFSA — contribution room builds from the year you become a resident, withdrawals are tax-free, and it is flexible while your income is still ramping up. Move to the RRSP once your income (and tax rate) is higher so the deduction is worth more.
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