Ahhh the age-old philosophy of saving money, it’s a classic…and for a good reason. When it comes to saving money, keep a famous saying in mind: better soon rather than later! By putting money aside now and investing it, that means it can grow in the future. So what does this mean for you? Well, it means that by not saving now you’re essentially cutting yourself short for the future.

An RRSP is a tax-deferral tool that helps you save for retirement. A TFSA is a savings tool that you can also use for retirement, as well as the other projects you have going on. In other words, we have two plans with two different sets of goals.