Canada RRSP vs TFSA Calculator
Compare RRSP and TFSA tax benefits for retirement savings. Shows tax impact today vs at retirement and which account type maximizes your returns.
Tax Bracket Comparison
Current Marginal Rate
21%
Retirement Marginal Rate
15%
RRSP
Initial Contribution:$7000
Tax Savings Now:+$1435.00
Investment Growth:$16704.48
Balance at Retirement:$23704.48
Withdrawal Tax:-$3555.67
Net After Tax:$20148.81
TFSA
Initial Contribution:$7000
Tax Savings Now:$0
Investment Growth:$16704.48
Balance at Retirement:$23704.48
Withdrawal Tax:$0
Net After Tax:$23704.48
Recommendation
RRSP is likely better - you're in a higher tax bracket now than in retirement
Difference at retirement (after tax): $-3555.67
Important Notes:
- Marginal rates are simplified federal estimates
- Assumes consistent return rate (markets vary)
- Does not account for provincial credits or deductions
- TFSA contribution room is limited
- RRSP has income limits for some taxpayers
- Consult a financial advisor for your specific situation
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