Where should I put my next dollar?
An RRSP, a TFSA, a regular investment account or your corporation: where should you save first? Start with where the money is now, when you need it and how much each account lets you add.
See what changes the orderWhere the money starts changes the choice.
Start with the source
Money in your bank account is different from money in your corporation. If you must take it out of the corporation first, include the tax on that payment before deciding where to invest it.
Give the money a job
Set aside money for bills, debt, business costs and surprises. Then see what is left to invest for longer. You need access to money when bills come due.
Compare the actual options
Check how much you can add to each account. Compare the tax now, the tax later and when you can get the money out. Then choose what to invest in within those accounts.
These are questions to help you compare your choices. There is no single account order that suits everyone.
Which part of the decision are you facing?
Scope and official background
The visual shows the choices to consider. It does not recommend how to divide your money or estimate a return. Other accounts and benefits may also matter. Check which accounts you can use and how much you can add.
Put the choices in the context of your life.
Tell us where the money is and what you want it to do. We’ll discuss how we can help and what happens next.
Start a conversation