1. ENTER YOUR TAX-SAVINGS ASSUMPTIONS
$
ANNUAL EARNED INCOMEIncome used for this RRSP contribution illustration
18
RRSP CONTRIBUTION RATEIllustrated at 18% of earned income
%
MARGINAL TAX RATEEstimated tax rate applied to the RRSP deduction (%)
↗
ASSUMED RATE OF RETURNAverage annual investment return (%)
⌛
NUMBER OF YEARSLength of the illustration
◷
CONTRIBUTION TIMINGBeginning or end of each year
💡 HOW IT WORKS
The calculator illustrates an RRSP contribution equal to the selected percentage of earned income. The estimated tax savings from that RRSP contribution are then invested into a TFSA. RRSP + TFSA are projected together each year for the selected period.
The calculator illustrates an RRSP contribution equal to the selected percentage of earned income. The estimated tax savings from that RRSP contribution are then invested into a TFSA. RRSP + TFSA are projected together each year for the selected period.
2. YOUR RESULTS
Your Tax Savings Reinvestment Journey
1
RRSP CONTRIBUTION
Your Annual Deposit
$
annual amount
you contribute
you contribute
+
2
TFSA DEPOSIT
Tax Savings Reinvested
↗
estimated RRSP tax savings
deposited to TFSA
deposited to TFSA
=
3
RRSP + TFSA
Total Invested Each Year
✓
combined RRSP + TFSA
annual investment
annual investment
$
Projected future value after years:
Total amount invested: | Estimated growth:
Total amount invested: | Estimated growth:
RRSP ONLY vs. RRSP + TFSA TAX-SAVINGS DEPOSIT
Educational planning illustration only. Tax savings depend on individual circumstances, contribution eligibility, applicable tax rules and rates. Investment returns are assumptions and are not guaranteed. Consult qualified tax and financial professionals regarding your situation.