TFSA vs RRSP Calculator

Compare TFSA vs RRSP based on your tax rates and timeline.

Your Situation

Amount to Invest

Current Marginal Tax Rate (%)

Expected Retirement Tax Rate (%)

Years Until Retirement

Expected Annual Return (%)

Better Choice For You

RRSP

$4,292 more at retirement

RRSP After-Tax Value

$34,335

Tax refund: $3,000

TFSA After-Tax Value

$30,043

Tax-free withdrawals

Key Insight

Your tax rate is higher now than in retirement. RRSP is better because you get a bigger tax deduction now and pay less tax when you withdraw.

Track Both TFSA and RRSP

Waypoint Budget helps you budget for contributions to both accounts and track your progress.

TFSA vs RRSP Quick Guide

Choose RRSP if: Your income (and tax rate) is higher now than it will be in retirement
Choose TFSA if: You expect to be in a higher tax bracket in retirement, or want flexible access
Use both: Max out employer RRSP matching first, then decide based on your situation

Related Calculators

TFSA Calculator

Calculate your total TFSA contribution room

RRSP Calculator

Calculate RRSP contributions and tax savings

Compound Interest

Calculate compound interest growth

Disclaimer: This calculator is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Results are estimates based on simplified assumptions and may not reflect your actual situation. Tax laws, contribution limits, and regulations change frequently. Always consult a qualified financial advisor or tax professional before making financial decisions. See our Terms of Service for full details.