Of course this would depend on a number of circumstances including your current & future income; your current & future tax bracket, risk tolerance and purpose of the investment. But generally speaking, TFSA’s can be very useful for short term investments that you’ll use before retirement. You get your TFSA room back if you withdraw funds so you can reuse if over and over again. RRSPs are useful for saving for retirement if you’re not going to touch the money until then. Your tax owing today will be reduced, but you will have to pay the tax later (in retirement). So should you be paying more tax today than you expect to pay in retirement; RRSPs can be very useful. Folks that are self-employed don’t always benefit a whole lot from RRSP’s, so there are some other investment strategies to consider in that situation.