Canada RRSP Calculator
See the RRSP deduction limit, the tax you save and how a contribution could grow.
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How to do it
- 1Fill in the boxes
Type your numbers or pick the options you need.
- 2See the result
The answer updates right away as you change a value.
- 3Use it
Copy the result or note it down. Nothing is sent anywhere.
About this tool
Enter your income, the contribution, your marginal tax rate, the years it grows and the expected return. The calculator shows your deduction limit (18 percent of earned income up to the yearly maximum), the tax refund and a projected value.
How RRSP saves tax
Contributions to a registered retirement savings plan are deducted from your taxable income, so you get a refund at your marginal rate. Growth is tax sheltered until you withdraw. The yearly limit is 18 percent of the previous year's earned income up to a maximum, $33,810 for 2026, plus any unused room.
Example
A $10,000 contribution at a 31 percent marginal rate saves about $3,100 in tax. At 6 percent for 25 years the contribution could grow to around $42,900.
Compare
A TFSA uses after-tax money but withdrawals are tax free. An RRSP is usually better when your tax rate now is higher than it will be in retirement.
Frequently asked questions
What is my RRSP limit?
18 percent of last year's earned income up to the maximum, plus unused room. See your CRA My Account.
Is the refund automatic?
You claim the deduction on your tax return, and the refund follows.
RRSP or TFSA?
RRSP suits higher earners. A TFSA suits those expecting a higher rate in retirement or wanting flexible withdrawals.
What is my marginal rate?
The combined federal and provincial rate on your top slice of income. Check a rate table for your province.