Deciding between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) can be one of the most challenging financial decisions you'll face.  Each has its benefits, and the right choice depends on your unique financial situation.  In this post, I'll guide you through understanding the factors that determine whether a TFSA or RRSP is better for you and how a financial plan can provide you with the precise answer. In my latest video I talk about:  The secret to minimizing your lifetime tax. Understanding how tax brackets differ before and after retirement. Specific examples when a TFSA is better and when an RRSP is better. When non-registered investments might be better than an RRSP. Common errors in tax planning, like focusing on current-year tax savings instead of lifetime tax savings. The impact of government income program clawbacks on your tax bracket in retirement. The importance of knowing your future taxable income to make informed decisions. Strategies for planning your retirement income to stay in lower tax brackets. The benefits of combining TFSAs, RRSPs, and non-registered investments for tax-efficient retirement planning. The role of a financial plan in optimizing your RRSP and TFSA contributions and withdrawals.