I really think you should take the time and educate yourself. Get a book like RRSP's for Dummies or even a good financial planning book (for Canadians, our rules are different). The bottom line is you have to understand a few things:
1. A TFSA is like a piggy bank the taxman ignores once you put your money in it. You don't pay tax while it grows, or when you take it out, but you don't get a deduction when you put it in either.
2. An RRSP is like a piggy bank the government helps you to contribute to by reducing the tax you pay in the year you contribute. They expect you to pay tax on the money when you take it out. The tax rate you pay at that time, whenever it is, is the same rate you will pay on whatever your tax bracket winds up being based on your total income for that year.
The beauty is that you get tax free compounding in both cases. (You need to understand "The Rule of 72" to grasp this completely. Look it up). Suffice it to say if you had to pay tax on the money while it was compounding, you will wind up with a lot less growth at the end.
3. Both RRSP's and RRIF's can be run for you by your friendly banker, or run through a "Self Directed" plan that you or your financial planner will manage. If a Banker or Financial Planner is involved you will pay a price. I mean that figuratively and literally. If they put you into a bad/high management fund, you will suffer twice. A lot of times their fees are hidden (back-end load, front end load etc.) Banks have no legal requirement to look after your interests (Fiduciary Responsibility) and the Financial Planner will likely be on the beach long before you retire living comfortably on the exorbitant fees you paid him or her. Neither the Banker nor the Financial Planner will be there when you retire.
4. Keeping your costs low is extremely important (see Rule of 72 above). Not knowing the basics will cost you in more ways than one. So,
Take the time to educate yourself.
