Both the TFSA and the RRSP are powerful registered accounts, but they work differently. An RRSP deduction saves tax today at your current marginal rate; withdrawals in retirement are taxed as income, hopefully at a lower rate. A TFSA offers no upfront deduction, but all growth and withdrawals are completely tax-free forever. This side-by-side calculator lets you model both scenarios with the same dollar amount, the same expected investment return, and the same investment horizon. It projects the after-tax outcome for each account so you can make an informed decision. Generally, if your income now is higher than your expected retirement income, the RRSP wins. If your income now is low, or if you need flexibility, the TFSA is often better. The tool also models the popular "RRSP refund into TFSA" strategy.