For most people it makes sense to contribute to an RRSP as their marginal tax rate upon retirement will be lower than their current marginal tax rate. However for students or those just starting out a TFSA usually makes more sense.
If anyone is interested here's some info on the positives and negatives of an RRSP loan:
http://www.ourbigfatwallet.com/rrsp-...and-negatives/
Given the current economic situation for many people it would make sense to max their RRSP and then use the tax refund wisely to either save as an emergency fund (high interest savings account) or pay down any consumer debt