much of this decision is based on tax rates.
if you are in a lower or same bracket as you will be when you withdraw RRSP funds, then there is no advantage (though u get a refund now).
TFSA can be used to safely reduce your taxable income during retirement (though you use after tax dollars to fund today, but at $5000/year it is not a large amount). as well, TFSA is not income tested for gov't program clawbacks.
during retirement you may want to drawdown RRSPs earlier to avoid higher tax brackets later, though this will reduce tax free earnings once pulled out.
the ultimate killer of the RRSP would be for the last of the couple that dies. all RRSP funds would become income for that year. if this puts you in a higher tax bracket (which we can assume it will) much of your hard earned cash will become income tax and not be passed on to future generations or used as you wish!
if you are in a lower or same bracket as you will be when you withdraw RRSP funds, then there is no advantage (though u get a refund now).
TFSA can be used to safely reduce your taxable income during retirement (though you use after tax dollars to fund today, but at $5000/year it is not a large amount). as well, TFSA is not income tested for gov't program clawbacks.
during retirement you may want to drawdown RRSPs earlier to avoid higher tax brackets later, though this will reduce tax free earnings once pulled out.
the ultimate killer of the RRSP would be for the last of the couple that dies. all RRSP funds would become income for that year. if this puts you in a higher tax bracket (which we can assume it will) much of your hard earned cash will become income tax and not be passed on to future generations or used as you wish!