
A Registered Retirement Savings Plan (RRSP) is an investment that allows you to plan for retirement, but can also be used to make a down payment on your first home or return to school. In addition to keeping your money tax-free, your RRSP contributions offer you the advantage of reducing your annual taxable income.
A Tax-Free Savings Account (TFSA) is a medium- or long-term investment that allows you to plan projects or accumulate an emergency fund to deal with the unexpected, all tax-free. You can also withdraw money from a TFSA with no tax impact.