All three account calculator
See what the same contribution does in each account without picking for you.
A guide, not advice.
This page explains general rules. Do your own research, confirm your numbers with the CRA (your My Account and Notice of Assessment are the official record) or the other official sources listed at the end, and talk to a qualified professional before acting.
RRSP, TFSA, and FHSA side by side
Shows what each account type does with the same contribution. Does not choose one for you.
$1,500
Tax refund estimate. Taxed on withdrawal.
Tax-free
No deduction. Growth and withdrawals are tax-free.
$1,500
Tax benefit if eligible. Qualifying withdrawal tax-free.
Plain English
Enter one contribution and your marginal tax rate to see what each account does with it on the way in. The RRSP and FHSA both give you a deduction worth the contribution times your marginal rate, but money leaving an RRSP is taxed, while an FHSA withdrawal for a first home is tax-free. The TFSA gives no deduction, but nothing that comes out is ever taxed. The calculator deliberately does not pick a winner, because the right answer depends on whether and when you will buy a home and what your tax rate will be when you withdraw.
Show the math
Deduction value = contribution × marginal rate, for the RRSP and for the FHSA. TFSA deduction value = 0. This is a single-rate approximation: a large deduction can cross into a lower bracket, so the RRSP refund estimator gives a more exact figure. FHSA contributions are limited to $8,000 a year (up to $16,000 with carry-forward) and $40,000 for life; RRSP room is 18% of last year's earned income up to the annual dollar limit; TFSA room depends on your birth year and history.
Worked examples
| Input | Output |
|---|---|
| $8,000 at 30% marginal rate | RRSP: $2,400 refund (taxed later) · TFSA: $0 refund, tax-free growth · FHSA: $2,400 refund + tax-free growth |
| $8,000 at 50% marginal rate | RRSP & FHSA: $4,000 refund each · TFSA: no upfront relief but permanent shelter |
| $8,000 at 20% marginal rate | RRSP and eligible FHSA cash contributions: $1,600 estimated deduction benefit; TFSA: no deduction. These inputs alone do not determine which account is better. |
What this does not account for
Whether you are eligible for an FHSA or have room in each account; the tax on RRSP and non-qualifying FHSA withdrawals; bracket crossings on large deductions; income-tested benefits; and the timing of a home purchase. Read RRSP or TFSA? and buying a first home with the FHSA and HBP for the full comparison.
Keep exploring
Where this information comes from
This page is based on publications from the CRA, last checked against them on . The full list is below, and the official source always takes precedence over anything written here.
It is a general guide, not financial, tax or legal advice. Do your own research, confirm your own numbers in CRA My Account or with the official source, and talk to a qualified professional before making a decision. Canadian Financials is independent and is not affiliated with or endorsed by the CRA or any government.
Spotted an error? Email [email protected] and it will be corrected and noted in the changelog.