Compare TFSA, RRSP, and FHSA outcomes using explicit assumptions and after-tax results. Contribution-year RRSP/FHSA tax savings use progressive personal tax on the income you model (current, next year, or hypothetical). Retirement tax remains a planning assumption.
No opinions. No hidden assumptions. Just arithmetic.
This is the after-tax cash you have available to invest across all account types.
Same net return is applied to all accounts. No asset-location modeling in this version.
Uses a real (after-inflation) return. Contribution, room, and refund dollar amounts stay at the figures you entered, so those amounts are treated as constant in today's dollars.
Loads official federal/provincial bracket files for progressive contribution-year refunds. Defaults to the latest published year in this calculator.
Marginal rates for this scenario load after tax tables are ready.
Contribution-year refunds always use progressive tax on contribution-year income (not × t_now). Manual t_now is display-only; manual t_ret still sets the retirement withdrawal rate. Without override, both displayed rates are derived from the incomes above.
Enter the total TFSA and RRSP room you have available now (including carry-forward). RRSP room defaults from 18% of current taxable income (prior-year earned-income proxy) plus any unused carry-forward you enter; edit the total directly to override. Each January from simulation year 2 onward adds new TFSA room (below) and new RRSP room from the 18% rule using your current taxable income (capped).
Room from prior years you have not used. Same field as the RRSP Contribution Room calculator.
Spend refund immediately (default). Toggle to see a reinvested-refund scenario.
Eligibility alone does not make withdrawals tax-free. Uncheck if you want the model to tax FHSA withdrawals at t_ret like an RRSP-style exit.
Under current rules the FHSA allows up to $8,000 per year in contributions (you can adjust the annual room input if limits change), and up to $40,000 per person in lifetime contributions. Investment growth inside the FHSA does not count toward that lifetime limit. Qualifying home withdrawal is controlled separately above.
Top strategy
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After-tax future value
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After-tax portfolio total at your horizon for each fixed fill order (same cash, room, and assumptions as above). With FHSA off, only TFSA-first and RRSP-first apply; with FHSA on, all six orderings of TFSA, RRSP, and FHSA are shown—non-registered is always last for overflow.
| Rank | Fill order | After-tax total | vs best |
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RRSP balances are taxed at t_ret on withdrawal; FHSA uses your home-qualified assumption; contribution-year RRSP/FHSA refunds are progressive (not × t_now) and follow the reinvest toggle.
FHSA eligibility, annual room, and the lifetime contribution cap determine how much can go to FHSA before spilling to TFSA or RRSP.
For TFSA room calculations, use the TFSA Contribution Room Calculator.
For estimating tax rates, use the Canada Personal Income Tax Calculator.
For mortgage trade-offs, consider the Pay Off Mortgage vs Invest tool.
Educational arithmetic only. Verify with your own assumptions and professional advice if needed.