TL;DR
If you want flexibility, start with a TFSA. If you’re in a higher tax bracket now and expect lower income later, RRSP can be powerful. If you’re saving for your first home, FHSA often wins. Use non‑registered once registered room is used or when you need more flexibility.

What Each Account Is For

TFSA

• Best for flexibility and long‑term growth
• Withdrawals are tax‑free
• Great for beginners and emergency savings (once you’re stable)

RRSP

• Best when your income is higher now than you expect later
• Contributions reduce taxable income
• Withdrawals are taxable later

FHSA

• Best for first‑home savings
• Combines the tax‑deduction of RRSP + tax‑free withdrawal for a home
• Ideal if home ownership is a near‑term goal

Non‑Registered

• No contribution limits
• Less tax‑efficient
• Good when registered room is full or when you want maximum flexibility

A Simple Decision Framework

Start with this order (most common):

1. FHSA (if you qualify and plan to buy a first home)
2. TFSA
3. RRSP
4. Non‑Registered

Exceptions:

• If you get an employer RRSP match, that’s usually your first priority.
• If you’re in a high tax bracket today and expect lower income later, RRSP moves up.
• If you need flexible access soon, TFSA is usually better.

Common Mistakes to Avoid

• Using RRSP when you need short‑term access.
• Ignoring FHSA if you qualify.
• Letting money sit in cash inside TFSA/RRSP.
• Using non‑registered before registered accounts are full.

Quick Start Checklist

• Know your income and tax bracket
• Decide if home ownership is a near‑term goal
• Prioritize: FHSA → TFSA → RRSP → Non‑Registered
• Automate monthly contributions

Next Step:
Use the diyFIRE Account Decision Helper to find your starting point.