How do TFSAs and RRSPs fit into a financial plan?

Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) can both play important roles in financial planning, but the right approach depends on your income, tax situation, retirement timeline and other assets. Rather than looking at individual accounts in isolation, we consider how your savings, investments, retirement income and tax planning strategies work together across both the short and long term.