17: TFSA vs. RRSP
Money Feels
00:00
Is the TFSA Your First Priority?
I usually tell people if your income is below $70,000, it's in your best interest to really prioritize the TFSA. If your income is over $70k then you probably want to kick a little bit more into the RSP and the TFSA will be a secondary thought. The higher your income, the more you should prioritize the RSP because the higher your income is, the higher your taxes are. 10% of $70K is 6500 for those who have not yet reached their tax-free threshold. That means they can save up to 10% of their gross income for retirement.
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