Episode 45: Should You Top Up Your RRSP or TFSA?
Published November 24, 2025.
If you have a bit of extra money to invest, should it go into your RRSP or your TFSA? It’s one of the most common questions Canadians ask. In this Money Monday episode, Darren Devine walks through the key factors that help you decide where your next dollar should go.
He’ll look at how your tax bracket, income level, retirement timeline, and withdrawal needs all play a role. Darren also explains when an RRSP top-up may create a valuable tax refund, and when a TFSA might give you more flexibility and tax-free growth down the road. If you’re trying to make smart, tax-efficient choices with your savings, this episode gives you a simple framework to compare RRSP vs TFSA in real life—not just on paper.
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Darren Devine, CFP®, CLU®
Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.
Darren here, RRSP or TFSA—that’s one of the most common questions we get.
RRSPs are great if you're earning a higher income now and want to reduce your taxable income. Contributions are tax-deductible, and they grow tax-deferred until retirement. The catch? You’ll pay tax on withdrawals later.
TFSAs on the other hand, don’t give you a tax break today—but your withdrawals and interest growth are completely tax-free. That can be a huge advantage in retirement or for short- and medium-term goals.
So, which is right for you?
It depends on your current income, future tax bracket and retirement strategy. In some cases, the best answer is: do both.
We can help you weigh the pros and cons and build a plan that makes the most of your contribution room.
Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk
to us today at DevineAndAssociates.ca!
Talk to us today