There has been always a discussion about which one is superior, the TFSA vs RRSP. Who knows at 30 or 40 years old how much money they will have 25 or 35 years later, or what the tax system will be like many years from now?
Both are great tools for saving for us Canadians. Given that this year (and almost time the RRSP contribution deadline for 2014- March 3, in case you forgot), more people are thinking about the TFSA and the RRSP. In an perfect world, one could max out both the RRSP and the TFSA. That would be perfect. Though in the real world, life happens, and it is oftentimes very difficult to be able to borrow up the money to be able to max out both the RRSP and the TFSA.
Generally, the amount you can contribute to your own RRSPs or your spouse’s RRSPs, or your common-law partner’s RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit.