TFSA Calculator
This free TFSA calculator projects your Tax-Free Savings Account growth and models tax-free withdrawals in retirement. Because TFSA withdrawals are not taxable and do not count toward OAS clawback, the order in which you tap it matters — Retirely optimises that for you.
Free · no sign-up · all 10 provinces · couples & Monte Carlo built in.
Why the TFSA is powerful in retirement
TFSA withdrawals are completely tax-free and — crucially — they do not count as income for OAS clawback or GIS. That makes the TFSA a flexible tool for smoothing taxable income and staying under benefit-clawback thresholds. Retirely models your TFSA alongside your RRSP/RRIF and chooses a withdrawal order for each strategy.
TFSA and OAS clawback
OAS is clawed back at 15¢ on every dollar of net income above the $90,997 threshold. Drawing from your TFSA instead of your RRIF can keep net income below that line — see the OAS clawback calculator.
Frequently asked questions
Are TFSA withdrawals taxable?
No. TFSA withdrawals are completely tax-free and do not count as income, so they do not affect your tax bracket, OAS clawback or GIS eligibility.
Should I withdraw from my TFSA or RRSP first in retirement?
It depends on your tax bracket and benefits. Drawing taxable RRSP/RRIF income earlier can reduce future mandatory RRIF minimums, while TFSA withdrawals keep taxable income low. Retirely compares withdrawal orders side by side so you can see which leaves more after tax.