RRSP vs TFSA Planner Preview | SmartMoneySteven

Build your comparison

Enter one annual plan, then adjust individual years if needed. The same dollars go into either account.

Contributions and income

Annual contribution

Annual income before RRSP deduction

Province or territory Current age Years contributing Years until comparison

At withdrawal

Future RRSP withdrawal tax rate

Growth and timing assumptions

Expected annual return

Inflation

First contribution year

Edit annual contributions and income

Leave a year blank to use the standard amounts above.

Year	Age	Contribution	Income before RRSP
Year	—

Your results

Projected values in today’s dollars.

What happens to the RRSP tax savings matters

The account deposits are equal in both options. These outcomes show the RRSP tax savings spent or separately reinvested.

Tax savings spent

—

RRSP after withdrawal tax compared with TFSA.

Tax savings reinvested

—

RRSP after withdrawal tax plus a separate refund investment, compared with TFSA.

Account outcomes

TFSA, tax free—

RRSP before withdrawal tax—

Estimated RRSP withdrawal tax—

RRSP after withdrawal tax—

RRSP tax savings

Total estimated tax savings—

If spent, difference vs TFSA—

If reinvested, separate value—

Future tax-rate breakeven—

How balances grow

RRSP and TFSA deposits are equal; the refund investment is shown separately.

Available after purchase

TFSA and RRSP before tax Reinvested tax savings

Year-by-year results

Year	Contribution	Tax savings	TFSA	RRSP after tax	Refund investment
—	Available after purchase

If your future tax rate changes

Rates are centred on your assumption. The selected rate is marked in the table. The difference assumes tax savings are reinvested.

Future tax rate	RRSP after tax	RRSP + reinvested savings	Difference vs TFSA

Assumptions used

Custom annual values

These years replace the standard annual amounts shown above.

Year	Contribution	Income before RRSP

What this comparison cannot decide

Contribution room and access. Confirm your RRSP and TFSA room. TFSA withdrawals generally restore room the next calendar year; RRSP withdrawals generally do not.

Future income and benefits. A later income increase may change the value of an RRSP deduction. Income-tested benefits can also change the effective outcome; neither is forecast here.

Liquidity, family, and workplace plans. Emergency access, spousal plans, pensions, employer rules, and estate treatment can affect the choice.

Age 71 and future tax law. The model caps accumulation at age 71 and does not build a RRIF withdrawal plan. It holds 2026 tax rules constant in real terms.

This is a planning comparison based on your assumptions, not a complete tax return or individualized recommendation. The reinvested-savings balance assumes the same real growth rate and does not calculate tax on that investment.