TFSA vs RRSP Calculator

See how your marginal tax rate affects the growth of your TFSA and RRSP.

How taxes are applied to an investment can make an incredible difference. Since 2009, all Canadians 18 and older have had access to a new type of savings account, the Tax Free Savings Account (TFSA). In a TFSA, all your investment's earnings (interest, dividends and capital gains) grow tax-free for life. And while there are limits to the amount you can contribute, you're able to make tax-free withdrawals at any time for any purpose.

Use this calculator to help compare identical investments in a TFSA and RRSP (Registered Retirement Savings Plan).

LIF Payment Calculator

$
Start payments at age
The earliest you can start to withdraw from a LIF in this calculator is age 55 and you must start by age 71.
End payments at age
A LIF must be converted to a life annuity by age 80 in Newfoundland.
%
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Inflation rate
This inflation rate is used to index the annual fixed payment.

Results

Use left and right arrows to navigate between tabs.
Age Value at
Start year
Annual Payment Withdrawal
Percent
Value at
End Year

This calculator is for educational purposes only. All charts and illustrations are for illustrative purposes only and are not intended to illustrate the performance of any security or portfolio. You should not rely on the results as an indication of your financial needs and we recommend that you seek your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction. Professional advice should be obtained prior to acting on the basis of this information. The deduction of advisory fees, brokerage or other commissions and any other expenses that would have been paid may not be reflected in the calculation results. ©Copyright 2021. All rights reserved.

Assumptions

Signature Service Account

Discover how our Signature Service Account can help you save more effectively for your retirement.

Need Advice?

Are you thinking of putting money into a TFSA or RESP savings account? We encourage you to contact us to arrange a no-obligation meeting to discuss your options.

Need Advice?

Are you thinking of putting money into a TFSA or RESP savings account? We encourage you to contact us to arrange a no-obligation meeting to discuss your options.

Client Relationship Document

We’ve developed a plain-language document that describes the relationship between you and your GP Wealth Financial Advisor or Planner.

GET ON-LINE ACCESS

To obtain access to your accounts, email us or contact us at 1-800-608-7707 ext. 242.

© 2022 GP Wealth Management. All rights reserved.