RRSP + TFSA Tax-Smart Savings Planner.
Not sure where to put your money? This simple tool shows what happens when you: put money in a TFSA, put money in an RRSP, and use the RRSP tax refund wisely (re-invest it instead of spending it). Same monthly budget. Easy comparison. Plain English.
How to read this (60 seconds)
- Your monthly budget is the real cash you can afford (e.g., $300/month).
- TFSA path: That full amount goes into TFSA each month. Growth is tax-free.
- RRSP path: We contribute a bigger before-tax amount so that, after your tax refund, your out-of-pocket is still the same as TFSA.
- Your choice: What do you do with the RRSP tax refund? Re-invest it (TFSA or RRSP) or spend it.
- We show after-tax totals: TFSA needs no tax at the end. RRSP is shown after your estimated retirement tax.
RRSP + TFSA: a simple comparison
This calculator compares TFSA growth with RRSP growth using an equal monthly budget. It also shows how RRSP tax refunds can boost your savings if you re-invest them.
Try changing the tax rates, where the refund goes, and the time horizon to see what’s smarter for you. Numbers are estimates for learning. Always confirm rules with your provider.
Your inputs
$
This is what you can actually afford each month (e.g., $300).
%
We compound monthly using an effective rate.
%
Used to estimate your RRSP tax refund each year.
%
Used to show RRSP after-tax value at the end.
Tip: Re-investing refunds usually wins over spending them.
Assumptions: No contribution room checks, no fees, no penalties, no government benefit interactions. This is a simple learning tool.
Your results (after tax)
TFSA total (after tax)
$0
TFSA is tax-free, so pre-tax = after-tax.
RRSP total (after tax)
$0
We apply your retirement tax rate to RRSP.
Your budget (per month)
$0
RRSP gross monthly
$0
Refund added per year
$0
Plain-English tip: If your retirement tax rate will be lower than today’s, RRSP tends to win.
If it may be higher, TFSA often wins. Re-investing the RRSP refund (not spending it) usually boosts your total.
Disclaimer: Educational estimate only. Numbers are simplified and may differ from your provider’s statements. Always confirm details before making decisions.