I would say the answer regarding RRSP and Non RRSP depends on current age of investors and need for that money. If you are young enough, under 50, You can leave that money in the RRSP account for 22 years where it will keep compounding tax free till you are forced to transfer it to a RIF at the age of 72. You can still borrow against these funds at a great rate, probably around prime minus 1. The extra 20 years or so of compounding tax free will more than make up for the tax rate difference between capital gains and income gains.

Glorieux