We are currently October 10, 2019 and Aaron just turned 17 year's old. He has been working part-time in his father's company since he was 16 year's old. Last year he made $20,000 as a gross annual salary and received a small refund when he filed his 2018 tax return. Aaron does not know anything about Registered Retirement Savings Plans (RRSP's) or Tax-Free Savings Accounts (TFSA's). Before going to the bank tomorrow to make his first contribution, he wanted your guidance. Aaron is unsure as to what he should do.

Question: Which plan can Axel contribute to? RRSP, TFSA or Both, explain why?