Should You Contribute to Your TFSA or RRSP in 2023?

The main benefit of an RRSP is the ability to defer taxes. This is because any contributions you make (18% of your 2022 income, subject to a maximum limit of $30,780) can be used to reduce your taxable income. Depending on your income bracket, this can result in significant savings.

A good reason to prioritize RRSP contributions is if you are currently in a high tax bracket.

Read the RSP Article