You have the option of allocating your contributions to many types of accounts with different tax implications. It is important that you evaluate which option best corresponds to your savings needs and objectives before making a choice.
Take a look at the tax implications of each account:
Here are more details about the different tax slips that you will receive:
While the RRSP allows you to optimize your income tax return by providing you with a tax deferral advantage, income tax applies when you withdraw your money.
On the other hand, when you contribute tax-sheltered money to the TFSA, you won’t have to pay income tax on your future withdrawals.