How to Use the Account Type Comparison Calculator
Step-by-step guide to comparing RRSP, TFSA, and non-registered accounts. Learn what each field means and how to interpret your results.
Estimated time: 5–10 minutes
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Select your province
Choose your province of residence. Tax rates (federal and provincial) vary by province, so this affects your current and retirement marginal rates and thus the comparison.
Enter your current annual income
Enter your total taxable income for the year. This is used to calculate your current marginal tax rate, which determines how much tax you save today on an RRSP contribution.
Enter the amount you want to invest
This is the dollar amount you are considering putting into one of the account types. The calculator will compare putting this same amount into RRSP, TFSA, or non-registered.
Set your expected annual return
Enter the average annual investment return you expect (e.g. 5–7% for a balanced portfolio). This is used to project growth in all three account types.
Set your time horizon (years)
How many years until you expect to withdraw or use the money? Longer horizons increase the impact of tax-free or tax-deferred growth.
Enter your expected retirement income
Estimate the income you expect in the year(s) you withdraw from the RRSP or realize gains in a non-registered account. This sets the marginal rate used for withdrawal tax and capital gains tax.
Enter your available RRSP room
Your current RRSP contribution limit (from your CRA Notice of Assessment or online account). If your investment amount exceeds this, the calculator models the overflow in a non-registered account.
Enter your available TFSA room
Your current TFSA contribution room. As with RRSP, any amount above this is modelled as non-registered overflow.
Read the recommendation and table
The tool recommends the account type with the highest net after-tax benefit for your inputs. Use the comparison table to see tax saved today, primary account value, overflow, reinvested RRSP refund, and total growth value for each option.
Use the insights and considerations
Review the key insights for RRSP, TFSA, and non-registered accounts, and the additional considerations (employer matching, income splitting, withdrawal flexibility, FHSA/Home Buyers' Plan). Adjust your inputs and re-run if your situation changes.