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Tax Efficiency & Account Choice (Canadian Focus)

Key Accounts:

RRSP, TFSA, FHSA, RESP — each has different tax rules and best uses.

Quick Guide:

  • TFSA: Tax-free growth and withdrawals — flexible
  • RRSP: Tax deduction now, taxable withdrawal later — good if retirement tax rate is lower
  • FHSA: For first-time homebuyers; tax-deductible contributions + tax-free withdrawal for home purchase
  • RESP: Education savings with government grants

FAQs:

Which account should I prioritize?

Depends on goals — FHSA for first home, TFSA for flexibility, RRSP for retirement tax planning. We can
model this for you.