What’s your plan?

If you missed the RRSP contribution deadline, don’t worry there’s always another one coming. But scrambling to make last minute contributions isn’t as effective as having a plan in place for the long term.

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Make the most of your investments

Whether it’s your RRSP or your TFSA, contributing arbitrary amounts every now and then won’t likely align with your goals for the future. Talk to an advisor about your specific goals and make sure your contributions match your plans.

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Everyone’s plan is different

Depending on your personal situation or how close you are to retirement an RRSP might not even be the right savings vehicle for you. Our advisors will take all of these things into consideration to build a custom plan that makes sense for you.

RRSP vs. TFSA

There are a number of factors in determining whether to choose an RRSP or TFSA
See which is more favourable for you.

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.


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Some strategies to consider

Assante Advisors look at your complete financial picture. Below are some strategies to help you choose between TFSA and RRSP.

Hedge your bets

Hedge your bets by dividing your annual contributions between both accounts, allowing flexibility in managing your tax bracket during retirement.

Adapt to change

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.

Consider Access

Consider your personal financial discipline; if you’re concerned about easy fund access, opt for RRSPs, as TFSA withdrawals are more accessible.


Jessika Blackburn J.P. Collins Jennifer Rideout

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