RRSP Calculator
Estimate your RRSP tax refund and how Canadian RRSP savings could grow.
About the RRSP Calculator
RRSP contributions are deducted from taxable income, so the refund is roughly the contribution times your marginal tax rate. New room each year is 18% of the previous year's earned income, up to $33,810 for 2026, plus unused room carried forward, minus any pension adjustment. Withdrawals are taxed as income.
The formula
Refund ≈ contribution × marginal tax rate
Worked example
Example: Tax refund from this year's contribution = $3,630
- Inputs: Last year's earned income: $94,000; This year's contribution: $11,000; Your marginal tax rate: 33%; Current RRSP balance: $28,000; Years until retirement: 28 years; Expected return: 7%.
- Formula: Refund ≈ contribution × marginal tax rate
- Result: Tax refund from this year's contribution = $3,630
- 2026 contribution room (new): $16,920
Things to keep in mind
- Over-contributing by more than $2,000 costs 1% a month on the excess.
Questions people ask
RRSP or TFSA?
RRSP suits you if your tax rate now is higher than it will be in retirement; TFSA if lower or the same.
What's the deadline?
60 days after year end (1 March 2027 for the 2026 tax year).