RRSP vs TFSA Calculator
Compare RRSP and TFSA side-by-side to find which registered account is better for your situation.
2026 Tax YearData stays on your deviceUpdated Apr 1, 2026
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RRSP wins in your scenario(by $15,225.34)
Your current tax rate is higher than retirement rate, so deferring tax via RRSP is advantageous.
RRSP
Balance at Retirement
$541,435.92
After Withdrawal Tax
$422,320.02
Annual Tax Refund
$2,310.00
Effective Contribution
$7,000.00 + $2,310.00 refund
TFSA
Balance
$407,094.68
After Withdrawal (tax-free)
$407,094.68
Annual Tax Refund
$0
No impact on OAS/GIS
Withdrawals are invisible
Frequently Asked Questions
When is RRSP better than TFSA?
RRSP wins when your current tax rate is significantly higher than your expected retirement tax rate (you defer tax from a high bracket to a low one). Also better if you reinvest the tax refund.
When is TFSA better than RRSP?
TFSA wins when your retirement tax rate equals or exceeds your current rate, or when you value flexibility (TFSA withdrawals do not affect government benefits like OAS/GIS).
Can I have both?
Yes, most financial planners recommend using both. A common strategy: contribute to RRSP up to the point where it brings your tax bracket down, then put the rest in TFSA.
Official Data Sources
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.
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