TFSA vs RRSP vs FHSA Calculator (Canada)

Compare TFSA, RRSP, and FHSA outcomes using explicit assumptions and after-tax results.

No opinions. No hidden assumptions. Just arithmetic.

Inspect the Arithmetic

Inputs

Contribution mode

Contribution amount

This is the after-tax cash you have available to invest across all account types.

Time horizon (years)

Expected annual return (before fees)

Annual fees (MER, advice, etc.)

Same net return is applied to all accounts. No asset-location modeling in this version.

Show results in real (inflation-adjusted) dollars

Tax rate source

Province/Territory of residence

Current taxable income (for t_now estimate)

Expected retirement taxable income

Marginal rates for this scenario load after tax tables are ready.

Manual rate override (advanced)

Available room constraints

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).

Unused RRSP room carried forward (optional)

Room from prior years you have not used. Same field as the RRSP Contribution Room calculator.

TFSA remaining contribution room (today)

RRSP remaining deduction room (today)

New TFSA room each January (from simulation year 2)

Reinvest RRSP/FHSA refunds (TFSA first up to remaining room, then non-registered)

Spend refund immediately (default). Toggle to see a reinvested-refund scenario.

FHSA eligibility (optional)

Eligible for FHSA

Scope note: This version does not model OAS clawback or benefits. TFSA/RRSP room uses your opening balances plus legislated January top-ups (not day-by-day CRA transaction timing). FHSA follows the annual and lifetime rules described above. If refund reinvestment is enabled, refunds are directed to TFSA first (subject to remaining TFSA room) and then to a non-registered bucket.

Results

Top strategy

—

After-tax future value

$—

Balances at end of horizon (after-tax)

TFSA $—

RRSP (after t_ret) $—

Non-reg. (no tax drag) $—

Year 1 snapshot

Initial investment $— Est. RRSP/FHSA refund $— Refunds reinvested? — Total invested (incl. reinvested) $—

Contributions by account (year 1)

TFSA $—

RRSP $—

FHSA $—

Non-reg. $—

All account-priority orders

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

RRSP balances are taxed at t_ret on withdrawal; FHSA uses your home-qualified assumption; RRSP/FHSA refunds follow the reinvest toggle.

Notes on modeled allocation

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.

Assumptions shown

Refund default: RRSP/FHSA refund is modeled as spent unless you toggle reinvestment.
Room constraints: Opening TFSA room is user-entered. Opening RRSP room defaults to 18% of current taxable income (prior-year earned-income proxy) plus optional carry-forward, using the same formula as the RRSP Contribution Room calculator; edit the total to override. From simulation year 2, each January adds your specified new TFSA amount and RRSP room equal to min(18% of current taxable income, indexed dollar cap from tax data). Unused room carries forward until used; overflow goes to non-registered.
Returns: same net return and fee structure for all accounts; no asset-location modeling.
Tax rates: t_now and t_ret are constant over the horizon.
FHSA: annual room (user input; default $8,000) and a $40,000 lifetime contribution cap are enforced; growth does not count toward the lifetime cap. Contribution carry-forward is not modeled.
Non-registered: only refund overflow can be routed to a non-registered bucket; non-registered tax drag is not modeled in this version.

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