Example$90,000 income · Ontario · No employer match · Renter · $25k RRSP room · $42k TFSA room
You have ~2 months of expenses saved. Target at least 3 months ($10,500) in a high-interest savings account before investing.
Best tool for first-time buyers: tax-deductible contributions (like RRSP) + tax-free growth and withdrawal (like TFSA). You have $40,000 room remaining.
Tax-free growth, flexible withdrawals, no impact on government benefits. Best all-around account - especially at your tax bracket where RRSP refund is modest.
At 29.6% marginal rate, RRSP deductions give a smaller refund. Consider saving RRSP room for higher-income years and using TFSA now.
General guidance only - not personalized financial advice. Contribution room and limits are for 2026; verify at canada.ca. Consult a qualified financial advisor for your specific situation.
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The account priority optimizer ranks the order you should contribute to employer RRSP match, FHSA, RRSP, TFSA, high-interest debt, and non-registered based on your income, goals, and time horizon. It's the Canadian answer to 'where does my next $100 go?' - the question most people get wrong by maxing TFSA before touching an employer RRSP match.
The optimizer scores each account by expected after-tax, after-inflation return per dollar, adjusted for your marginal rate today and expected marginal rate at withdrawal. Employer RRSP match scores highest (immediate 50–100% return). High-interest debt is ranked by interest rate. Registered accounts are ranked by your tax-rate differential and tax-free growth benefit. Non-registered comes last.
For most Canadians earning $55,000–$100,000, the order is: (1) employer RRSP match, (2) high-interest debt above 12%, (3) FHSA if buying a first home, (4) RRSP up to the 30% marginal rate threshold, (5) TFSA, (6) additional RRSP, (7) non-registered.
The optimal order depends on your income, tax bracket, goals, and timeline. High-income earners generally prioritize RRSP for immediate deductions, then TFSA. Those saving for a first home should max FHSA first. Those with employer matching should always capture that first. The optimizer ranks these based on your inputs.
High-interest debt (credit cards typically at 19.99%+) almost always should be paid before non-registered investing. Low-interest debt (mortgage, student loan) can be carried while investing in registered accounts where returns may exceed the after-tax borrowing rate.
Yes. Employer RRSP matching is always ranked first because it is an immediate 50–100% return on that contribution. The optimizer shows this as your highest-priority action before other accounts.
Long-form explainers that pair with this calculator.