InsureCan has just released a TFSA vs RRSP calculator. It compares and contrasts two scenarios; if you make an annual deposit (plus refund) into an RRSP, or if you make a partial deposit into an RRSP with the remainder going into a TFSA.
This currently is the only calculator of it’s kind online at this time. Other Tax Free Savings Account calculators merely show how the tax deferred growth is beneficial, they don’t actually compare to deposits made into a Registered Retirement Savings Plan. This new calculator however, shows deposits and growth, then the effects of taxation on withdrawals after retirement. It helps answer the question ‘Will I have more money at retirement if I invest in a TFSA or if I invest in an RRSP?’.