Order of accounts in Canada: which one to fill first

TL;DR: Newcomers get stuck on "which account first." There's a simple order that decides for you. It's not a universal prescription (your situation may differ), but it gives structure instead of chaos.

Came from the video and commented "order"? Here's the full sequence. 👇

⚠️ Educational content, not personal advice. The exact order depends on your situation. NRD #4575551 · Axcess Capital Advisors Inc.

The base sequence

| # | Step | Why it's here | |---|---|---| | 1 | Emergency fund (3–6 months of expenses) | Without it, any investment risks being sold at the worst moment. Details | | 2 | Employer match in the pension plan | If your employer matches, it's instant "return" you shouldn't skip | | 3 | TFSA or RRSP by income | Low income → TFSA first. High income → RRSP wins. How to choose | | 4 | FHSA — if you're planning a first home | Tax deduction + tax-free home. Open early so room accrues | | 5 | RESP — if you have kids | Government adds 20% (up to $7,200 per child). The grant is tied to the year | | 6 | Non-registered / private market | Once registered accounts are maxed and you're an Eligible Investor — a separate conversation |

The TFSA vs RRSP rule (step 3)

• Income still modest → TFSA first. The RRSP deduction at low income gives little, while TFSA flexibility is priceless.
• Income high → RRSP becomes more attractive because the tax deduction now is large.

For newcomers: RRSP room appears only after you've filed income in Canada. TFSA room starts from the moment you became a resident.

The main thing — start, don't perfectly optimize

A perfect order you never started is worse than a "good enough" one launched today. Open the first account, automate a contribution, then adjust.

What's next

• 3 accounts with free money — TFSA/FHSA/RESP in brief
• TFSA or RRSP — full breakdown
• How much to keep as an emergency fund
• Free 30-min discovery call — we'll build your sequence

Share with someone who's been stuck choosing an account for years.

⚠️ Andrii Andriushchenko — a Dealing Representative registered with Axcess Capital Advisors Inc. (EMD). Content is educational and not investment advice. NRD #4575551.