TFSA vs. RRSP: Where to Put Your HISA & Why Women Are Better Investors

the green tape is now part of the decor okay let's on the last episode we talked a little bit about um mistakes we made but then i shared a bit of like if i invested today what i would do differently if you were starting out today knowing what you know what would you do differently starting your investing

Well, first things first, I wouldn't invest in mutual funds.

I hadn't made that huge mistake before.

I wouldn't be doing that again.

So what I would do is I would open up a TFSA and an RRSP with a brokerage.

Personally, you guys know that I enjoy Wealthsimple.

I like all of their products.

So I would open one with Wealthsimple.

Because I make over $50,000 a year and I'm in a higher tax bracket, I would contribute a good amount to my RRSP, but I also am going to contribute some to my TFSA as well.

I'm going to do like a hybrid approach.

Because I also have some rental income, if I was starting right now, I would make sure that I'm definitely contributing some to my RRSP to offset my rental income taxes that I have.

So bring you down to a lower tax bracket for tax time.

Exactly.

So what I contribute to my RRSP is going to come off my taxable income.

So I'm going to pay less taxes and I'll get that tax money back at tax time.

Or I just will pay less on my rental income tax.

But I also want some more flexibility.

So I'm going to contribute to my TFSA as well.

Because my TFSA is not like locked in.

Well, your RSP isn't either.

It's just when you withdraw from your RSP, you're going to pay taxes.

For the TFSA, you don't pay taxes when you withdraw.

So I want a little bit more flexibility.

I would obviously have my emergency fund.

But personally, I would keep my emergency fund inside my TFSA in a high interest savings account in my TFSA.