TFSA, RRSP, FHSA or RESP? Choose the right account for your goals

Canada’s registered accounts each serve a different purpose. A TFSA offers flexible, generally tax-free growth and withdrawals. An RRSP is designed primarily for retirement, with contributions that may reduce taxable income and withdrawals generally taxed later. An FHSA helps eligible first-time home buyers combine potential tax deductions with tax-free qualifying withdrawals. An RESP supports a child’s education and may attract government grants. Your best choice depends on your goals, timeline, income, eligibility, and contribution room. Review your priorities, automate savings, and seek personalized advice before making decisions.