RRSP/TFSA Planning

Assante advisors work with you to build a custom wealth plan catered to your unique needs. We’ll help you identify your goals and work with you to build a comprehensive plan that takes all areas of your life into consideration.

TFSA or RRSP? We’ll help you find what works best for you. The end result is having the confidence that you’re on the right path and with that, the ability to sleep well at night knowing your finances are in good shape, and good hands.


Making the right choice
for your savings goals

Choose between RRSPs for tax-deductible contributions, ideal for retirement, and TFSAs for tax-free growth and withdrawals, suitable for shorter-term goals like education or buying a house. Your decision should align with your savings objectives and the timing of your fund needs.


TFSA versus RRSP

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

Your advantage
would be $0

RRSP Breakdown

Investment
$
Reinvested tax refunds
$
Investment value in
$
Tax on withdrawal (%)
$
Net amount
$

TFSA Breakdown

Investment
$
Investment value in
$
Tax on withdrawal (0%)
$0
Net amount
$

Assumptions
Calculations use marginal tax rates as of January 2023. Rates take all federal and provincial taxes and surtaxes into account and the basic personal tax credit. The RRSP contribution limit is $30,780 for 2023. The TFSA contribution limit for 2023 is $6,500. Calculations do not factor in the effect of RRSP withdrawals on Old Age Security and other government benefits and credits that are income tested.

The RRSP calculation maximizes your returns by reinvesting your tax refund annually for continued growth.

Disclaimer
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. ® The Assante symbol and Assante Wealth Management are registered trademarks of CI Investments Inc., used under license.


Smart strategies for
retirement planning

Consider these effective strategies when deciding between TFSA and RRSP contributions. Hedge your bets by dividing your annual contributions between both accounts, allowing flexibility in managing your tax bracket during retirement. Or, adapt to change by initially investing in a TFSA when in a lower tax bracket and transitioning to RRSP contributions if your income increases and pushes you into a higher tax bracket. Finally, consider your personal financial discipline; if you’re concerned about easy fund access, opt for RRSPs, as TFSA withdrawals are more accessible.


Gillian Smith Corey Stover Jessika Blackburn

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