Canada Personal Tax Calculator: FHSA / RRSP / TFSA — Where Should Your Money Go?

Let's be honest — nobody wants to hand the government a single dollar more than they have to...

But Canadian taxes are complicated, and not everyone knows how to contribute to their FHSA / RRSP / TFSA (and so on) in the most tax-efficient way.

So I built a Canada Personal Tax Calculator — hopefully it makes tax planning a whole lot easier for you!

No tax knowledge required. Just enter a few simple details: your province, your income, your contribution room for each account, how many kids you have, and so on.

The calculator will then suggest which accounts to contribute to, in what order, why that order, and how much tax you could save this year.

At the end, it'll even flag the government benefits you might qualify for.

A few disclaimers first:

1. This tool is for general reference only — it is not tax, investment, or financial advice. Tax rules change, and everyone's situation is different. Before taking any action, please consult a professional accountant (CPA) if needed.

   
   

2. It uses the 2026 federal tax brackets and the federal Basic Personal Amount (including the high-income phase-out). Provincial brackets and provincial Basic Personal Amounts are projected from 2025 figures using indexation (Manitoba's BPA phase-out is included).

   
   

3. Included in the math: the Ontario surtax, Quebec's 16.5% federal tax abatement, CPP/EI tax credits and the enhanced CPP/CPP2 deduction (assuming employment income — self-employed CPP works differently), and the federal spousal amount (Line 30300).

4. Not included: the Ontario Health Premium, provincial spousal amounts, Nova Scotia's low-income BPA top-up and other provincial low-income reductions, and other personal credits.

5. All results are simplified estimates. Expect the calculator's numbers to differ from the actual figures on your tax return.

Click here: TAX CALCULATOR

The page works on both desktop and mobile, but I find desktop easier to read — and easier for tweaking your inputs.

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How to Use the Calculator

Row	What to enter	Notes
01	Province of residence	Tax rates can differ a lot between provinces
02	Pre-tax annual income	All income you need to report — local and overseas salary, interest, dividends, etc.
03	Do you have a spouse?	If yes, enter their income too — the calculator will factor in the "Spousal RRSP" and the "spousal amount"
04	Planned actual contributions this year	The total you yourself can genuinely put in across all accounts (TFSA + RRSP + FHSA + the employee portion of your workplace plan) Do NOT include the employer matching portion Haven't decided how much you can contribute? Just leave it blank
05	RRSP / TFSA / FHSA room	Check the numbers in your CRA account First-time home buyers: don't forget to tick the FHSA box
06	Does your employer offer matching?	Enter "how much YOU need to contribute to capture the full match" Same as Row 04 — employee portion only
07	Receiving OAS? (65+)	If ticked, the calculator will factor in the OAS clawback
08	Will your retirement income be higher or lower?	This question decides whether RRSP or TFSA goes first
09	Number of kids under 18	Used to estimate benefits like the Canada Child Benefit (CCB)

About Row 04, "Planned actual contributions this year" — filling it in vs. leaving it blank gives you different results:

• Fill it in: The calculator allocates every single dollar — how much goes to which account, why it's split that way, and how much tax you save in total.

  
  

• Leave it blank: Perfect if you don't have a set budget yet. The calculator will show you a "tax bracket ladder" — listing your brackets level by level, marking "you are HERE," and showing how much you'd need to contribute to drop down to each lower bracket.