I remember their sweet remixed theme <| sep |> Can we get the sidebar updated with a direct line to the suicide prevention hotline <| sep |> Yishan said so , I don ' t doubt it ' s true . <| sep |> First question is your TFSA maxed ? If not , you should worry about that before touching your RRSP room . Funds invested in an RRSP or TFSA will have the exact same net result when your tax rate at contribution tax rate at withdrawal . The thing that gives funds in an RRSP a bonus or penalty is when your tax rate at withdrawal is different . If it is lower than when you contributed , it will have a bonus in that you keep some of the funds which were earmarked to pay your tax bill upon withdrawal . If your tax rate is higher on withdrawal there will be a penalty and a TFSA will have done better . Second question do you expect your income to increase in the future , pushing you into the next tax bracket ? If so , you ' d be better off investing in a taxable investment account and saving your RRSP contribution space for your highest earning years . Regarding figuring out how much you should claim as a deduction , have a read through . Basically , you shouldn ' t delay claiming the deduction by more than 12 years , and only then if you expect to be in a higher bracket after those 12 years . Otherwise you delay getting the tax refund back , which in turn reduces the amount of time that has to grow and puts you at risk for it not having grown enough to cover your tax bill when you withdraw from your RRSP ' s . In which case , you would have been better off investing in a taxable account .