RRSP Calculator
See your contribution room, your tax refund and what your RRSP could grow to.
Calculator workspace
You have no RRSP room this year.
That is estimated as 18% of your income. Enter the room from your Notice of Assessment for an exact figure.
- Tax Refund
- $0
- Room Left This Year
- $0
- Value in 25 Years
- $0
How It Works
Your RRSP room for 2026 is 18% of last year’s earned income up to the dollar limit of $33,810, plus any room you did not use in earlier years, minus any pension adjustment. If you enter the room shown on your Notice of Assessment, the calculator uses that. Otherwise it estimates room from your income. Either way it shows how much is left after the contribution you plan.
It also estimates the tax refund on that contribution, shows where your tax rate drops, and projects what your RRSP could be worth if you contribute the same amount every year until you retire.
The refund is the federal and provincial tax on your income, minus the tax after deducting the part of your contribution that fits within your room. Only the room you have is deductible, so anything above it earns no refund.
The point where your rate drops is found by lowering your taxable income until the rate on the next dollar falls. The first dollars you contribute save at your current marginal rate, and the dollars after that save less. The projection grows your balance and yearly contributions at a constant real return, so the result is in today’s dollars.
What It Leaves Out
- Room is based on the previous year’s earned income, but one income is used here for both room and refund.
- Without your Notice of Assessment room, room is estimated from income only and ignores earlier years and any employer pension adjustment.
- Other credits and deductions are not modeled, so your actual refund can differ.
- The projection assumes the same yearly contribution and a constant real return, and ignores fees and market swings.
Federal and provincial income-tax rules and the 2026 RRSP dollar limit based on 2026 model year.
FAQ
It is 18% of the previous year’s earned income, up to a dollar limit of $33,810 for 2026, plus unused room from earlier years, minus any pension adjustment. Your Notice of Assessment or CRA My Account shows your exact RRSP deduction limit, which already includes all of that.
Only the part within your room is deductible. If you are 18 or older, the CRA lets you go over your room by $2,000 without penalty, though that part earns no deduction. Above that, you pay a tax of 1% a month on the excess until you withdraw it or your room catches up. You can avoid the tax by withdrawing the excess before the end of the month it was contributed. If you owe it, the T1-OVP form and payment are due within 90 days after the end of the year.
No. Contributions reduce your taxable income from the top, so the first dollars save at your marginal rate. If a large contribution takes you into a lower bracket, the dollars past that point save less.