"It's not enough to just save money. You need to understand where to put it — and why. That's what took me years to learn."
Over time, I developed a savings strategy that is balanced, tax-efficient, and adapted to my long-term goals. It's not a perfect strategy — it's mine, and it evolves over the years.
My 3-Step Strategy
Maximize the TFSA first
The TFSA is one of the most powerful tools in Canada. All gains — interest, dividends, capital gains — grow tax-sheltered. And withdrawals? Completely tax-free, at any time. It's my number one priority each year: putting $7,000 into my TFSA in January.
Contribute to the RRSP next
Once my TFSA is maxed, I turn to the RRSP. Each dollar contributed reduces my taxable income — which lowers the tax I pay now. The tax is simply deferred to retirement, when income is generally lower. That's a real advantage, especially when you're in a higher tax bracket.
Non-registered account for the rest
When my registered accounts are optimized, I invest the surplus in a non-registered brokerage account. These investments are taxable, but they allow me to keep growing my wealth beyond the government ceilings.
TFSA vs RRSP — it's not one or the other
Many people pit the TFSA against the RRSP as if you had to choose. In reality, both are complementary. Each has its strengths depending on your situation.
"What matters most is building the habit of investing regularly — even with modest amounts at first. Compound interest does the rest."
The multiple accounts myth — debunked
Here's something I realized from talking with people around me: many believe you can only have one TFSA or one RRSP. That's absolutely not true.
Myth vs Reality
Myth
I can only have one TFSA. Opening a second TFSA account is illegal or non-compliant.
Reality
You can have as many TFSAs as you want at as many financial institutions as you want. What's limited is the total contribution amount — not the number of accounts.
The government sets an annual contribution limit — $7,000 in 2026 — but this limit applies to all your TFSAs combined, regardless of how many accounts you have. The same principle applies to the RRSP.
It is often strategic to diversify across financial institutions. Some accounts are better for low-fee ETFs, others for tech funds, others still for liquid savings. There's no legal issue with having multiple accounts.
My 3 Current TFSAs
Personally, I currently have three TFSAs spread across different institutions, each with a specific purpose.
What I Really Learned
Investing isn't just about opening an account and letting your money sit. You need to understand the tools available, compare fees, diversify your holdings, and above all develop a strategy consistent with your personal financial goals.
Management fees, in particular, can have a huge impact on long-term returns. The difference between 0.20% and 2.5% in annual fees can represent tens of thousands of dollars over 20 years. It's a calculation every investor should do at least once.
I am not a financial advisor. This article shares my personal experience. Consult a professional for your specific situation.