TFSA vs RRSP

Tax Free Savings Account (TFSA) Comparison Calculator

How taxes are applied to an investment can make an incredible difference. Starting in 2009 all Canadians 18 and older have a new option to save where all earnings and withdrawals are tax free. While there are limits to the amount you are able to contribute, you can make tax free withdrawals at any time for any purpose. This calculator is designed to help compare a normal taxable investment to a TFSA and a RRSP.

Servus Credit Union
151 Karl Clark Road
Edmonton, AB

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

TFSA contribution limits

TOTAL: $95,000*

2024 $7,000
2023 $6,500
2022 $6,000
2021 $6,000
2020 $6,000
2019 $6,000
2018 $5,500
2017 $5,500
2016 $5,500
2015 $10,000
2014 $5,500
2013 $5,500
2012 $5,000
2011 $5,000
2010 $5,000
2009 $5,000

* All members aged 18 and over are eligible for a TFSA, however the total contribution room listed only applies if you were 18 or older in 2009. You have access to the contribution limit of the year you turned 18, plus subsequent years. If you're unsure of how much contribution room you have, please contact the Canada Revenue Agency (CRA) or visit the CRA site on TFSAs.

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