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One of the first things people do when they get a new job offer or a big raise is to try to figure out what their income taxes are going to be. Why? Because we all know that what really matters is net pay. Somehow, however, this principle tends to fall by the wayside when we deal with our savings.Story continues belowMore than 65 per cent of Canadian households contribute either to a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA), recent census data suggests. Those are the two options for sheltering your investments from tax, and it looks like most Canadians are aware of them. But what if you need to hold money outside an RRSP or TFSA?READ MORE: How much do you really need for retirement? We did the mathIt isn’t hard to imagine why you would. RRSPs are meant for retirement and generally do not lend themselves to shorter-term savings goals like buying a car or maintaining a rainy day fund. And perhaps you’re already maxing out your TFSA for something else, like saving up for a down payment. Or maybe, lucky you, you max out both your RRSP and TFSA every year and still have savings to stash away.READ MORE: Money123 – the easy way to be smart with your moneyIf you have any savings sitting outside an RRSP and TFSA, you should be aware of the tax bite. Different types of investments are taxed differently, and this can make a significant difference to your actual investment returns.To illustrate the concept, let’s look at a fictional example.SIGN UP FOR ERICA ALINI’S UPCOMING WEEKLY MONEY NEWSLETTER:Meet Jane CanuckJane Canuck is an imaginary Canadian based in B.C. Earning $150,000 a year, Jane is doing quite well and manages to use up all of her RRSP and TFSA contribution room every year. But Jane sets herself a goal of saving another $35,000 in a year for a large expense that’s coming up.READ MORE: Plan to use your RRSP for a down payment on a house? Don’t do it.To meet her goal in one year, Jane needs to squirrel away just under $2,917 per month. Now let’s look at three scenarios: Jane invests her $35,000 so that it only earns interest income; only earns capital gain income; or only earns eligible dividend income.