I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start my RRIF at 72. This doesn't consider, or let you input:

  1. your expected CPP,

  2. expected GIS,

  3. expected OAS,

  4. required LIF and RRIF withdrawals (I'll pick minimum),

  5. assumed rate of return on your LIRA and RRSP.

Did I miss anything?

1 Answer 1


The biggest thing that seems to be missing is compounding interest on investments. The sheet just calculates a growth rate of 500% based on "...5% growth over 10 years. Obviously that ignores compounding." -- firstly, that's not how percentages work, secondly it's a very weird thing to gloss over and renders the whole thing pretty close to useless in my mind-- also why are we focused on a 10 year horizon specifically? Why 5% growth?

Other things to consider would be the differences in withholding taxes in case you have any US based equities (RRSP's waive these, TFSAs don't).

Also if your employer has an RRSP matching program this sheet is going to dramatically underestimate how beneficial it is to invest in you RRSP.

In general unless you're expecting your income to increase significantly in retirement, or you're planning on retiring very soon and you can't simultaneously max out your TFSA and RRSP I can't think of many situations where it isn't advantageous to max out your RRSP contribution.

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