When comparing RRSPs and TFSAs, it's important to consider their tax advantages. RRSP contributions are tax-deductible, meaning you can deduct the amount contributed from your taxable income. On the other hand, TFSA contributions are not tax-deductible, but any investment growth and withdrawals are tax-free. Both accounts have their own unique benefits, so it's crucial to evaluate your financial goals and tax situation before deciding which one is right for you.

When deciding between an RRSP and a TFSA, it's also important to consider the contribution limits. RRSPs have a higher contribution limit compared to TFSAs, allowing you to potentially save more for retirement. Additionally, RRSPs are designed for long-term retirement savings, while TFSAs offer more flexibility for short-term goals like saving for a down payment on a home or a vacation. Ultimately, the best choice depends on your individual financial needs and objectives.