Canada RRSP Calculator
Project your RRSP balance from contributions and see the immediate tax refund your contribution generates at your marginal rate.
Projected RRSP balance
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Tax refund this year —
Total contributed —
Growth —
CAD amounts. Withdrawals are taxed as income in retirement; this shows pre-tax growth.
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How it works
FV = balance × (1+r)ᵗ + yearly contribution × ((1+r)ᵗ−1)/r; refund = contribution × marginal tax rateFrequently Asked Questions
How does an RRSP contribution reduce my taxes?
Contributions are deducted from taxable income, so a $10,000 contribution at a 30% marginal rate generates roughly a $3,000 tax refund — money that can itself be reinvested. Withdrawals later are taxed as income, so RRSPs defer tax rather than eliminate it.
How much RRSP contribution room do I have?
Generally 18% of your previous year's earned income, up to an annual dollar maximum, plus any unused room carried forward from prior years — check your Notice of Assessment from the CRA for your exact figure.
RRSP or TFSA — which should I prioritize?
RRSPs suit higher-income years (bigger refund now) if you expect a lower tax rate in retirement; TFSAs suit lower-income years or if you may need the money before retirement, since withdrawals are always tax-free and don't affect income-tested benefits.