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TFSA vs RRSP Calculator

Enter your income, province, and investment details to see exactly how much you'll keep in each account — after taxes.

Your Details

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5 yrs 40 yrs
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Your total income in retirement (CPP, OAS, pensions, etc.)

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Enter your details and click Calculate to see your personalized comparison.

How This Calculator Works

This calculator compares two scenarios side by side using the same annual contribution amount:

  • TFSA scenario: You contribute with after-tax dollars. Your investments grow tax-free, and withdrawals are completely tax-free.
  • RRSP scenario: Your contribution is tax-deductible, giving you a refund at your current marginal rate. We assume you reinvest that refund into the RRSP. Investments grow tax-deferred, but withdrawals are taxed as income at your retirement marginal rate.

We use 2026 Canadian federal tax brackets plus provincial brackets (exact rates for all 13 provinces and territories) to calculate marginal rates for both your current income and your expected retirement income.

When TFSA Wins

  • ✓ You expect higher income in retirement than now
  • ✓ You're in a lower tax bracket today
  • ✓ You want flexible, tax-free withdrawals
  • ✓ You may need the money before retirement
  • ✓ You're already receiving GIS or other income-tested benefits

When RRSP Wins

  • ✓ You're in a high tax bracket now (above ~$55K)
  • ✓ You expect lower retirement income
  • ✓ Your employer offers RRSP matching
  • ✓ You want to use the Home Buyers' Plan
  • ✓ You'll reinvest the tax refund (as this calculator assumes)

Want to learn the full picture on registered accounts?

Read Our TFSA Guide Investing Basics
Disclaimer: This calculator is for educational purposes only and does not constitute financial advice. Tax brackets used are approximations for the 2026 tax year. Actual results will vary based on your complete tax situation, investment returns, fees, and other factors. Consult a qualified financial advisor or tax professional before making investment decisions. Northern Investor provides financial education only. We do not provide investment advice, brokerage services, or financial planning services. All content is for informational purposes.