The Spousal RRSP the Forgotten Savings Tool
Is the concept of the spousal rrsp now an outdated idea? No, the spousal rrsp is as important as it was before pension income splitting was available.
Does Forced Saving Work ?
Forced savings or automated saving systems are the best way to make sure you are saving enough money for future needs (like retirement). You need to hide money from your present self to help your future self thrive.
RRSP Rebalance Season
Given it is that time of the year again, you are looking at your RRSPs, so maybe it is time to rebalance those accounts? Especially if they are Index Funds.
Don’t Be Afraid to Live With Your Parents
Don’t be afraid to live with your parents? What if your parents (who love you) don’t want you to move back in with them? Ever thought of that?
RRSP then TFSA ?
One of the most common questions I get is: “Should I contribute to my RRSP or TFSA first?” After years of managing my finances and learning some tough lessons, I’ve landed on what I think is a practical answer—but only after dealing with your debt.
If you’re carrying debt, focus there first. Once you’re debt-free, I personally recommend prioritizing your TFSA. Why? Because it gives you flexibility. The money is accessible, withdrawals are tax-free, and you can use it when needed without tax consequences. That kind of liquidity matters—especially when life throws you a curveball.
The RRSP has its place too, but it’s more of a long-term tool. Yes, you get a tax deduction now, but you’ll pay taxes later when you withdraw. For someone earning a standard income, that could mean giving a big chunk back to the CRA later on.
Ultimately, if you’re out of debt and saving, do both if you can. But if you have to choose, I say: max out your TFSA first, then contribute to your RRSP.
Keywords: TFSA RRSP, Canadian personal finance, retirement savings, tax-free savings, RRSP contributions, TFSA vs RRSP, debt vs saving strategy
