The three accounts you must know cold

Every account question comes down to the same three-way split. Learn the purpose of each and the tax treatment follows.

RRSP — you deduct the contribution now, you pay tax when you withdraw. Built for retirement income.

TFSA — no deduction now, no tax on growth or withdrawal. Built for flexibility.

Non-registered — no shelter at all. Interest is taxed as it is earned, dividends and capital gains get their own treatment.

The shortcut: ask "when does the tax happen?" Before, after, or along the way. That single question answers most of these.