RRSP calculator
Find out your tax refund from contributing to your RRSP this year, then project what that money grows to — and what you'll keep after taxes on withdrawal.
Your details
Employment, self-employment, and other income combined.
The amount you plan to contribute. Cannot exceed your RRSP deduction limit.
Future value projection
Pension, OAS, part-time work, etc. Used to estimate taxes on the RRSP withdrawal.
Enter your income and contribution amount to see your savings.
How RRSP contributions save you tax
Every dollar you contribute to your RRSP reduces your taxable income by that dollar. If your marginal rate is 43%, a $10,000 contribution saves you $4,300 in taxes — so the real cost of saving $10,000 is only $5,700.
The CRA calculates your RRSP deduction limit each year. It is 18% of your prior year's earned income, up to a dollar limit ($32,490 for 2026), plus any unused room you've carried forward. You can find your exact limit on your latest Notice of Assessment or in CRA My Account.
RRSP vs TFSA — which should you use?
RRSP is better when you contribute at a higher marginal rate than you expect to withdraw at — typically true if you earn over $60,000 today and expect a lower income in retirement.
TFSA is better when you're in a lower bracket now, or when your retirement income will be high enough to push withdrawals into the same bracket you're in today. Withdrawals don't affect OAS clawbacks either.
Most Canadians benefit from doing both: max TFSA first if income is under ~$50,000; otherwise prioritize RRSP up to the point where the refund is invested back into the TFSA.
RRSP contribution deadline for 2026
To claim the deduction on your 2026 tax return, contributions must be made by March 1, 2027 — the 60-day window after year-end.
Over-contributed?
The CRA allows a $2,000 lifetime over-contribution buffer without penalty. Above that, you owe a 1% per month tax on the excess. If you've over-contributed, file a T1-OVP and remove the excess as soon as possible to stop the monthly charges.