Michael, $45,$ is deciding whether to contribute to his RRSP or TFSA. He earns $$80,000$ annually and expects his income to be lower in retirement. Which option would be most beneficial for Michael?

$2$ points

A$)$ Contribute to RRSP$,$ since he will receive a tax deduction now and pay less tax in retirement.

B$)$ Contribute to TFSA, as the tax$-$free growth is better for someone in a high tax bracket.

C$)$ Split contributions equally between RRSP and TFSA.

D$)$ Contribute only to TFSA, since RRSPs are taxed in retirement.