Taxation

Plan on what you keep, not what you earn.

Most calculators ignore tax. Even computes after-tax surplus, CPP and EI, then inverts FHSA, RRSP, and TFSA by your marginal rate — including traps like GIS.

Sample · Camille Tremblay · Ontario · 2026 tax yearRead-only preview
Monthly income
$12,458
Total from all sources
Monthly expenses
$4,150
33.3% of income
Available to invest
$4,382
Monthly surplus after tax and expenses
Savings rate
51.4%
excellent
Total funds available
$50,000
canada: $50,000
Investment allocation
How your monthly surplus is being invested
Currently investing (affordable plan)$4,382
51.4% of income
Plan vs. reality
Where your actual portfolio differs from this plan.

2026 contribution room

rrspOver by $5,980/yr

Your planned RRSP contributions (~$26,909/yr) exceed estimated room (~$20,929) by ~$5,980. Cap contributions or verify room in CRA My Account.

Available ~$20,929Planned ~$26,909/yr
Financial health
Based on your savings rate and goal progress
Overall scoreStrong
Excellent financial discipline. You're on track for early financial independence.
Tax & take-home
Where gross income goes — the surplus above is what can be invested. Based on 2026 Ontario rules — every number is sourced.
Gross income$12,458/mo
Income tax−$3,445/mo
incl. Ontario Health Premium$750/yr
CPP + EI−$481/mo
Take-home (net)$8,532/mo
Expenses−$4,150/mo
After tax & expenses$4,382/mo
Investable surplus$4,382/mo
Marginal rate 43% · every $1 into RRSP/FHSA refunds ~43¢ in tax.
Recommended account order
Fill these in priority order to minimize tax. Amounts stay within estimated TFSA/RRSP room.

TFSA room left

$104,000 · $7,000 new in 2026

RRSP room left

$20,929 · cap $33,810 / 18% earned

1
Employer group-RRSP match
Capture the full employer match (50% on 4% of salary) — an instant guaranteed return.
$498/mo
+$2,573 refund/yr
2
FHSA
Best first-home account: deductible now and tax-free out for a qualifying first home.
$667/mo
+$3,442 refund/yr
3
RRSP
Deductible at your 43% marginal rate.
$1,744/mo
+$9,004 refund/yr
4
TFSA
Tax-free growth and withdrawals; flexible for any goal.
$1,473/mo
Total estimated tax refund: $15,019/yr — reinvest it to accelerate your goals.

What to know

After-tax surplus

Gross income is theatre. Take-home after income tax and payroll deductions, minus expenses, is what you can actually invest.

Account waterfall

Employer match first, then deductible room (FHSA/RRSP) when the refund is worth it, then TFSA — ordered by your rate, not a generic rule of thumb.

Marginal rate matters

The same dollar into an RRSP refunds more at 43% than at 20%. Low-income years and GIS change the math again.

Continue with your numbers

Free, private, and sourced. Start a plan or explore the sample without overwriting your data.

Start your planSee a sample

Estimates only — not financial advice. Based on 2026 CRA / Service Canada rules.

SundayPyjamas Impact Foundation

Product

TaxationIncorporatedResearchSample plan

Even

ChangelogAboutStart your planPrivacySundayPyjamas

Stay Connected

TwitterGitHubInstagram
© 2026 SundayPyjamas Impact Foundation. All rights reserved.