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This illustrative calculator is designed to be an informational and educational tool only. This illustration is a hypothetical and does not represent an actual investment. This illustration uses a constant rate, compounded on a monthly basis, unlike actual investments which will fluctuate in value and could be significantly impacted by periods of negative returns. It does not include fees, taxes, expenses, or extra withdrawals before retirement, which if included, would lower results. Monthly withdrawal is at the beginning of the month, inflation applied annually. There is no guarantee you will achieve these results. The historical inflation rate is 3%.
Add up to 10 photos for this goal.
Use this projection as a guide. It assumes fixed rates, monthly compounding, and no withdrawals until the target date.
Browse every saved goal with its assumptions.
See every goal grouped by target year with its vision photos.
Enter income and investment assumptions to calculate optimized contribution options.
Select programs and enter advisor assumptions to estimate possible impact.
Results are estimates. Exact RDSP grant, bond, and carry-forward entitlement depends on the Government of Canada Statement of Entitlement, historical income, DTC eligibility years, filed tax returns, prior contributions, previous grants/bonds, residency, SIN, issuer processing, and the moving 10-year carry-forward window.
| Year | Age | Contrib. | Grant | Bond | Growth | Withdrawal | Balance | Room |
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Use these for DTC/RDSP eligibility, contribution limits, CDSG, CDSB, carry-forward, withdrawals, and rollovers.
Use these for issuer rules, withdrawals, transfers, and investor education.
Useful for account-opening forms, transfers, holder consent, and provider-specific administration.
When unused Canada Disability Savings Grant entitlement is available, contributions are matched against the highest available matching rates first. For low-income entitlement years, that means the 300% grant buckets are used before the 200% buckets, generally from the oldest eligible year to the newest. The current year is included with eligible carry-forward years when calculating the annual opportunity.
That is why one current eligible year usually needs a $1,500 contribution to receive up to $3,500 of grant, while two prior carry-forward years plus the current year can need $4,500 to receive up to the $10,500 annual grant payout cap. With many unused 300% years available, a smaller contribution such as $3,500 can still reach the $10,500 cap because more of the contribution is matched at 300%.
Use the Government of Canada Statement of Entitlement for the exact amount because historical income, DTC eligibility years, prior contributions, and the 10-year moving window can change the result.
Results are estimates for planning conversations. Grant eligibility depends on the RESP promoter, residency, SIN, contribution history, family income, and government assessment.
| Year | Child | Age | Contrib. | CESG | CLB | Prov. | Growth | Balance | Need |
|---|
Use these for RESP contribution limits, CESG, additional CESG, CLB, eligible studies, and withdrawal rules.
Provincial benefits currently matter most for British Columbia and Quebec planning.
Useful for forms, family plan structure, and promoter-specific grant administration details.
Official CRA Guidelines, EAP Limits, Soft Cap Threshold & Post-Graduation Extension
The CRA sets an annual indexed threshold for total EAPs paid to a student per calendar year ($29,459 in 2026, up from $28,881 in 2025).
Taxable to student (T4A issued). Usually $0 tax due to basic personal amount.
100% Tax-Free return of capital. Does not count toward any EAP caps.
TFSA/RRSP
This is an illustration. It assumes the same contribution is made every year, available RRSP and TFSA room, refund reinvestment discipline, equal investment returns, and the selected future RRSP withdrawal tax rate.
Adjust the assumptions to compare RRSP plus refund-to-TFSA against TFSA-only.
Key CRA rules, timing details, and room tracking guidelines for Tax-Free Savings Accounts.
Financial institutions send prior-year TFSA transaction information to the CRA by the end of February. CRA updates TFSA information in CRA My Account once each spring after processing those records. Confirm your available room using CRA records and your own current-year transaction log.
CRA contribution room figures are based strictly on transactions reported up to December 31 of the previous year. Current-year contributions and withdrawals are not included in CRA's online figure until the following year's reporting cycle. You should always maintain your own transaction log to avoid over-contributing.
A withdrawal does not increase your available room during the current calendar year. The full amount withdrawn, including any investment growth, is added back to your contribution room on January 1 of the following year, in addition to that year's annual TFSA dollar limit and any unused room you already had.
For example, if you withdraw $200,000 during a calendar year, your available room increases by $200,000 on the following January 1. Do not recontribute that withdrawal in the same year unless you already have enough unused room. A direct TFSA-to-TFSA transfer is not a withdrawal and does not create new room.
If you contribute more than your available TFSA contribution room at any time during a month, a tax penalty of 1% per month applies to the highest excess amount for each month it remains in the account until the excess is withdrawn.
If you contribute to a TFSA after becoming a non-resident of Canada, you will be charged a penalty tax of 1% per month on those non-resident contributions. While non-residents do not accumulate new TFSA room for non-resident years, existing assets may remain and continue to be tax-free for Canadian income-tax purposes; your country of residence may tax the income.
Verify TFSA contribution room with CRA My Account and your own current-year transaction log
Select the policy table type, upload PDF/TXT/CSV pages, preview extracted rows, then apply.
Benchmark mode gives rough Canadian planning estimates by age, sex, class, province, product, and term. Use Manual/Imported when you have a carrier quote, illustration, renewal table, or OCR import. Compare years is how far to run the comparison. Participating WL defaults to coverage plus cash value; UL can be level/Type A or coverage plus account value/Type B. Table rows show annual cost; the Total row sums those costs.
Comparison
| Year | Age | Perm cost | Term cost | Diff | Invested | Cash val. | BTID DB | Perm DB | Advantage |
|---|
This comparison is a planning illustration only. It does not replace a carrier illustration, needs analysis, underwriting, policy contract, tax advice, or legal advice. Actual premiums, renewal rates, dividends, UL cost of insurance, cash values, surrender charges, tax rules, and product guarantees vary by insurer and product.
Loan/Invest
Change the assumptions to compare the two paths.
This comparison is illustrative only. It assumes fixed loan payments, monthly investment compounding, and no taxes, fees, transaction costs, insurance differences, or market volatility. Vehicle value is estimated from the annual depreciation input and may differ from actual resale value.
Uses the centralized 2026 CRA federal, provincial, CPP, and EI tables, verified August 12, 2026.
Results are approximate, for illustration only, and are not tax advice. Final tax depends on the full return, available credits, deductions, and CRA/provincial assessment.
Shows the deductible contribution that could reduce the amount owing or create a stronger refund, assuming the client has available RRSP/FHSA room.
Enter income to see an RRSP/FHSA contribution strategy.
This estimates the larger deduction needed to drive federal/provincial income tax close to zero. CPP/EI is not reduced by RRSP/FHSA contributions.
Enter an RRSP/FHSA amount to compare claiming it all now versus spreading the deduction over repeated-income years.
Tax brackets for British Columbia and Canada based on taxable income.
| Federal bracket | Rate |
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| British Columbia bracket | Rate |
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Province, income type, deductions, credits, and payroll premiums all change the result. These notes explain the main levers so the calculator is easier to present with a client.
Canada uses progressive brackets: only the dollars inside each bracket are taxed at that bracket's rate. Alberta has a larger basic personal amount, but BC has lower early and middle provincial rates, so some mid-income examples can show lower BC tax.
The basic personal amount is a non-refundable credit. It does not erase income; it reduces tax payable at the lowest federal or provincial rate. Provinces have their own personal amounts, which is one reason two provinces can look different at the same income.
RRSP and FHSA contributions can reduce taxable income when the client has available room. The refund value is usually strongest where the contribution removes income from higher marginal brackets. FHSA can be especially useful for qualifying first-home buyers because eligible withdrawals can be tax-free.
At age 71 (by Dec 31), RRSPs must be converted to RRIFs, annuities, or cashed out. Converting to a RRIF unlocks critical tax-planning opportunities at age 65 or older. Regular RRSP withdrawals do not qualify, but RRIF withdrawals qualify for the $2,000 Pension Income Tax Credit and Pension Income Splitting.
By law, an RRSP must be converted to a RRIF, used to buy an annuity, or closed by December 31 of the year the client turns 71. Waiting until age 72 is not permitted.
Self-employed clients usually have more planning work because they report net business income and may owe both employee and employer portions of CPP. Good records are what make deductions defensible.
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