Where should working retirees put extra income: A TFSA or an RRSP?

Some retirees keep working and find their CPP and OAS arriving as money they do not immediately need, which raises a practical question: park it in a TFSA or an RRSP. This piece works through the answer and lands on a satisfying near-tie. If your tax rate is the same when you contribute and when you withdraw, the two come out the same; the edge tips toward a TFSA when you expect a higher rate later and toward an RRSP when you expect a lower one. Beyond the math, it weighs the practical differences, including that RRSP contributions stop after 71 while a TFSA continues, that RRSP withdrawals can affect Old Age Security, and how each treats beneficiaries. It is aimed at working retirees deciding where surplus income does the most good, with deferring government pensions raised as another option worth comparing.