Using an RRSP
An RRSP contribution may be deductible within your limit. Withdrawals are generally taxable. If you’re moving money between RRSPs, ask the receiving institution about arranging a direct transfer so the move is treated as a transfer. Check whether leaving the old contract affects its guarantees or charges.
Using a TFSA
TFSA contributions are generally made with after-tax dollars, and eligible earnings and withdrawals are generally tax-free. Withdrawals are added back to your contribution room at the start of the following calendar year. Check available room before replacing a withdrawal in the same year.
Read both sets of rules
Registration determines the tax treatment and contribution rules. The insurance contract determines the fees, guarantees and what happens when you withdraw or transfer. Check that the insurer offers your chosen contract in the account type you want.