While much attention has been given to the asset allocation decision in the literature on investing, much less attention has been given to the asset location decision.  The asset location decision refers to the decision to hold investments in a tax-free or tax-deferred account versus a taxable account.  In this paper, we focus on the tax cost in dollar terms and use Canadian tax rates to calculate when it makes sense to invest in each type of account.  We also use historical rates of returns to determine the frequency with which these decision rules reverse.