The RRSP vs TFSA calculator compares the after-tax outcome of contributing to a Registered Retirement Savings Plan versus a Tax-Free Savings Account. By factoring in your current tax bracket, expected retirement tax bracket, time horizon, and rate of return, this tool shows you which account will leave you with more money after taxes.
For planning context, use this alongside the RRSP hub, the TFSA hub, and your marginal tax rate estimate before setting contribution splits.
How this RRSP vs TFSA calculator works
Enter your planned annual contribution, time horizon, expected rate of return, current marginal tax rate, and expected retirement marginal tax rate. Toggle whether you will reinvest your RRSP tax refund. The calculator shows the future value, taxes owed, and after-tax amount for both accounts side by side, along with the dollar difference and a clear recommendation.
Key insight: When your current tax rate equals your retirement tax rate and you reinvest the RRSP refund, both accounts produce exactly the same after-tax result. The RRSP only wins when your retirement rate is lower, and the TFSA wins when it is higher.
Which account comes out ahead?
The calculator shows the numbers for the inputs you enter. For how a TFSA and an RRSP compare, why your tax rate now and later decides which leaves more, and what changes the answer (needing the money early, income-tested benefits, a workplace pension plan), see TFSA vs RRSP: how they compare. For which to fund first and where an FHSA fits, see TFSA or RRSP first?
Related calculators
- RRSP Calculator — Project your RRSP growth and tax savings over time
- TFSA Calculator — See how your TFSA contributions compound tax-free
- TFSA Contribution Room Calculator — Check your available TFSA contribution room
- RDSP Calculator — Estimate RDSP growth with government grants
- FHSA Calculator — First Home Savings Account — combines RRSP and TFSA benefits
- Retirement Calculator — Plan your overall retirement income needs
- Income Tax Calculator — Calculate your current marginal tax rate
- Marginal Tax Rate Calculator — Find your exact federal and provincial marginal rates
- TFSA vs RRSP: how the two accounts compare, in words