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This calculator provides calculations for two comparative scenarios:
Scenario 1) “Part saved to an RRSP, Part saved to a TFSA” Contributing a specific amount into an RRSP with a seperate amount contributed to a TFSA.
Scenario 2) “All saved to an RRSP” Contributing a specific amount into an RRSP, with the TFSA amount in scenario 1 being contributed into the RRSP instead of the TFSA.

Assumptions matter!
– There are a lot of assumptions in the calculator, particularly with respect to future returns and tax rates. Assumptions tend to compound on themselves, the more assumptions we make the further we stray from expected reality. In this calculator, we’ve made a lot of assumptions. So the calculations may not even reasonably reflect actual values in the future.
– we’ve assumed 2008 tax rates for all years
– we’ve assumed a 5000 max. deposit to TFSA’s going forward.
– max RRSP deposit is set to $20,000. This is an approximation of RRSP maximum deposits and will change in the future.
– we’ve not indexed TFSA or RRSP deposits
– we have assumed indexed withdrawals from the TFSA and RRSP’s in the future, over a set number of years. This is likely to be a simplification of reality.
– 2008 approx values for the age tax credit and OAS have been factored in. GIS has not.

And various other general assumptions in order to make the calculator work. In summary, this calculator (like most financial calculators used to predict the future) shouldn’t be used as an accurate predictor of the future.
Note: This calculator is dynamic. To update the table, simply move the cursor between the fields – it will update automatically.

Canadian TFSA vs RRSP calculator
Interest: %
Inflation: %
Current Annual Income: $
Current RRSP Balance: $
RRSP Deposit: $
TFSA Deposit: $
Years of Retirement Income:
Current Age:
Retirement Age:

Age Scenario 1 Scenario 2
RRSP Deposit RRSP Balance TFSA Deposit TFSA Balance RRSP Deposit RRSP Balance
64 43,000.00 45,937.50 2,000.00 2,100.00 5,000.00 48,562.50
65 3,000.00 52,171.88 2,000.00 4,305.00 5,000.00 57,553.13
Retirmement Phase
Age Scenario 1 Scenario 2
Net RRSP RRSP Balance Net TFSA TFSA Balance Total Net Income RRSP Balance
65 21,734.47 43,613.69 877.56 3,598.82 22,557.18 48,112.21
66 22,053.52 34,180.93 912.66 2,820.46 22,909.14 37,706.51
67 22,385.33 23,811.98 949.17 1,964.86 23,275.18 26,268.06
68 22,730.42 12,441.48 987.13 1,026.62 23,655.86 13,724.75
69 23,089.31 -0.00 1,026.62 -0.00 24,051.76 -0.00