How to use the RRSP calculator
- 1 Enter your taxable income and province.
- 2 Enter your RRSP contribution.
- 3 Enter last year's earned income to estimate new room.
- 4 Optionally enter a return and years to see growth.
Worked example
An Ontario resident with a $90,000 income contributing $10,000. The contribution saves about $2,965 in tax, a refund of about 29.6%, so the real cost is about $7,035. Contributing $10,000 a year for 20 years at 6% could grow to about $389,927.
RRSP rules worth knowing
- Deadline: contributions made within 60 days after the end of the year can be deducted for that year.
- Home Buyers' Plan: first-time buyers can withdraw up to $60,000 tax-free for a home and repay it over 15 years.
- Over-contributions: a $2,000 cushion is allowed; above that, the excess is taxed at 1% a month.
- At 71: an RRSP must be converted to a RRIF or annuity by the end of the year you turn 71.
See your marginal rate with the Income Tax Calculator, and compare with a TFSA. First home? An FHSA can be combined with the Home Buyers' Plan.
Features
Real refund
Tax saved at your combined marginal rate, by province.
2026 room
18% of last year's earned income up to $33,810.
Growth projection
Value of yearly contributions over time.
When to use it
Deadline planning
Decide how much to contribute before the deadline. Compare with the TFSA Room Calculator.
RRSP or TFSA
Compare the refund with tax-free TFSA saving. First home? Combine it with the FHSA Calculator.
Bonuses
Shelter a bonus from tax. See your rate with the Income Tax Calculator.
Retirement
Project long-term savings. Plan RRIF income with the OAS Clawback Calculator.
Related Savings and Investing tasks
Frequently asked questions
What is the 2026 RRSP limit?
18% of your 2025 earned income, up to $33,810, plus unused room from earlier years and minus any pension adjustment.
How much refund will I get?
Roughly your contribution times your marginal tax rate. Contributions that drop your income into a lower bracket save less on the lower part.
When is the deadline?
Contributions made in the first 60 days of 2027 can be deducted on your 2026 return.
Do I have to deduct it this year?
No. You can carry the deduction forward to a year with a higher income.
Is RRSP money taxed later?
Yes. Withdrawals are taxed as income, ideally in retirement when your income is lower.
What about the Home Buyers' Plan?
First-time buyers can withdraw up to $60,000 tax-free for a home and repay it over 15 years.
What if I over-contribute?
Over-contributions above a $2,000 buffer are taxed at 1% a month.
Should I choose an RRSP or a TFSA?
An RRSP usually wins if your tax rate now is higher than it will be in retirement. A TFSA is better if your income is low now or you may need the money sooner.
Where do I find my contribution room?
On your latest notice of assessment from the CRA, or in My Account online.
Can I contribute for my spouse?
Yes. A spousal RRSP lets the higher earner contribute and deduct, while the money is taxed in the spouse's hands later.
What happens at age 71?
You must close your RRSP by the end of the year you turn 71, usually by converting it to a RRIF or buying an annuity.
Can I withdraw from an RRSP early?
Yes, but withdrawals are taxed as income and withholding tax of 10% to 30% is taken at the time. The contribution room is lost.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Built and reviewed by Hamza Farooq, founder and lead developer
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