Choosing between index funds is the part people agonise over. Choosing the account order is the part that actually moves the number.
The 2026 ranking
- Employer match. A guaranteed 50% to 100% return. Nothing outranks it.
- Debt above 12%. Credit cards, store financing, payday credit. Clearing them is a risk-free return at that rate.
- FHSA, if a first home is realistic. Deductible in, tax-free out — uniquely both.
- RRSP, if your marginal rate is above roughly 35%. The deduction is worth most at high rates.
- TFSA. Flexible, never taxed, and invisible to every income-tested benefit.
- RESP, if you have children. The 20% grant is effectively a fifth account.
- Non-registered, or extra mortgage principal. Once the sheltered room is gone.
The ranking shifts with your marginal rate. Below about $55,000 of income the TFSA usually outranks the RRSP, because your rate today is lower than it will probably be at withdrawal.
Run it on your own numbersAccount optimizerWhere your next dollar belongs: FHSA, RRSP, RESP, TFSA or the debt.The mistake that costs the most
An employee contributing $6,000 a year to a TFSA while leaving a 50% match on $6,000 of RRSP room unclaimed gives up $3,000 a year. Over a decade, with growth, that is well past $40,000 — and the TFSA return would have to be extraordinary to make up the gap.
Run it on your own numbersSalary and taxCheck your marginal rate before you choose between the two.Figures are the published 2026 federal and provincial amounts at the time of writing. General information only, not financial, tax, or legal advice — see the methodology and disclaimer.