RRSP and TFSA worked scenarios for 2026: from opening an account to your first RRIF payment

The fastest way to understand a registered account is to follow money through it: in when you contribute, around while it is invested, and out when you withdraw. This hub collects six worked scenarios for 2026 that cover the decisions people actually face, with the arithmetic shown: which account to fund first, opening one, a spousal RRSP, an RRSP withdrawal and its withholding tax, the Home Buyers' Plan and converting to a RRIF at 71. Each scenario links to a calculator so you can rerun it with your own numbers. People and balances are illustrative; limits and rates are the 2026 figures published by the CRA.

This page is the hub of the Worked Scenarios and Checklists section. General information, not financial advice.

The six scenarios at a glance

Scenario	Question it answers	Guide	Calculator
Life stages	Which account should I fund first?	Which account first by life stage	Growth projector
Opening	What do I need and where do I open it?	How to open an RRSP or TFSA	Checklist
Couples	How does a spousal RRSP and the three-year rule work?	Spousal RRSP example	Withholding calculator
Withdrawal	How much cash do I get from an RRSP withdrawal?	Withholding tax example	Withholding calculator
First home or school	How do the HBP and LLP work and get repaid?	HBP and LLP guide	Checklist
Age 71	What happens when the RRSP becomes a RRIF?	RRSP to RRIF at 71	RRIF minimum calculator

Scenario snapshot: one saver across a working life

To show how the pieces connect, here is one illustrative path. The numbers are rounded examples, not projections.

Age 23, first full-time job at $52,000 in Manitoba. Contributes enough to the employer's group RRSP to receive a 3% match (illustrative). Puts other savings in a TFSA because the money might be needed for a car. Opens an FHSA with $100 to start the room clock.
Age 27, income $74,000. Has $16,000 of FHSA room available (carry-forward included) and contributes it over two years.
Age 30, buys a first home. Makes a qualifying FHSA withdrawal of about $36,000 tax-free and an HBP withdrawal of $15,000 from the RRSP, repayable over 15 years.
Age 35 to 60, income rises above $100,000. Funds the RRSP to the limit each year, invests the refund in the TFSA, and checks fees once a year.
Age 60 to 70, retires early. Draws on the RRSP in lower-income years before OAS starts, to smooth taxable income, while keeping the TFSA as a reserve.
Age 71, converts the remaining RRSP to a RRIF. Takes the minimum, splits eligible RRIF income with a spouse, and watches the OAS recovery threshold.

Each step is explored in the guides above, and the traps along the way are in the pitfalls hub.

Worked mini-example: what $10,000 looks like in each account

An illustrative Ontario employee earns $100,000 (combined 2026 marginal rate 31.48%) and has $10,000 of pre-tax income to save. Assume the investment grows 50% over the holding period and the withdrawal rate later is 19.05% (the lowest combined Ontario band).

Step	RRSP	TFSA
Money going in	$10,000 (deduction makes it pre-tax)	$10,000 − 31.48% tax = $6,852
Value after 50% growth	$15,000	$10,278
Tax when withdrawn	$15,000 × 19.05% = −$2,858	$0
After-tax amount	$12,142	$10,278

The RRSP comes out ahead here only because the rate on the way out (19.05%) is lower than on the way in (31.48%). If the retirement rate were the same 31.48%, both would produce the same $10,278. That is the core reason the decision depends on income now versus later; the life-stage guide applies it.

Checklist before any scenario

My RRSP deduction limit from the latest notice of assessment
My TFSA room as of January 1 and my own list of this year's TFSA transactions
My FHSA participation room, if I have one
My expected marginal tax rate this year and, roughly, in retirement
Beneficiary or successor holder designations up to date
Fee schedule and MERs of the accounts involved

The interactive registered account checklist saves ticks in your browser.

When the worked examples are not enough

Get personalised advice from a fee-only planner, a tax professional or, in Quebec, a notary for estate questions, when:

you are considering a large RRSP withdrawal or a series of them before 71;
you have a defined benefit pension, a pension adjustment reversal or a commuted value to transfer;
you are separating, widowed or dealing with an estate;
you are leaving Canada or are a US citizen living in Canada;
you are self-employed or incorporated and choosing between salary and dividends.

Frequently asked questions

Are the rates in the examples current?

They are combined 2026 Ontario marginal rates used for illustration. Your rate depends on your province and income.

Why do the examples use pre-tax income for the RRSP?

Because the deduction returns the tax on the contribution. Comparing $10,000 in an RRSP with $10,000 in a TFSA would overstate the RRSP.

Can I redo the scenarios for Quebec?

Yes. Use Quebec combined rates and Quebec withholding (about 19%, 24% or 29% on lump sums).

Official sources

Canada Revenue Agency — RRSP, TFSA, FHSA, HBP, LLP and RRIF pages
Revenu Québec — Quebec rates and withholding
Financial Consumer Agency of Canada — retirement and savings planning tools
Government of Canada: Old Age Security — OAS and the recovery tax