Cash Club

The verdict: Under ~$50,000 of income, the TFSA wins by default; above ~$100,000, the RRSP’s deduction (worth $434 per $1,000 contributed at $120k) wins — and in the $50k–$100k grey zone, the real question is whether your retirement income will be lower than today’s. Who this is for: Canadians choosing between the TFSA and RRSP … Read more

The verdict: Put $1 too much in your TFSA and the CRA charges 1% per month on the excess — no buffer, no grace period — and the CRA assessed $166.2 million in these penalties in 2024 alone. Who this is for: Anyone who contributes to a TFSA, especially if you ever withdraw and re-deposit … Read more

The verdict: For the same dollar saved, the FHSA beats the Home Buyers’ Plan — both give a tax deduction going in, but only the FHSA’s withdrawal is tax-free with nothing to repay, while the HBP must be repaid over 15 years. Stacked, one buyer frees up $100,000 of tax-advantaged down payment; a couple, $200,000 … Read more

The verdict: The FHSA gives you $8,000 a year ($40,000 lifetime) that’s tax-deductible going in and tax-free coming out for a first home — but room only starts accruing after you open the account, and it must close by December 31 of its 15th anniversary year. Who this is for: Canadians who are — or … Read more

Numbers as of September 28, 2026. The verdict: Fund in this order: capture any employer match (an instant 100% return), then park 3–6 months of essential expenses in a high-interest savings account emergency fund, then max the FHSA ($8,000/yr — deductible going in, tax-free coming out) if you’re a first-time buyer, then the TFSA ($7,000/yr … Read more