RRSP Tax Savings Calculator
Calculate how much tax you save by contributing to your RRSP. Contributions reduce your taxable income dollar-for-dollar, saving tax at your marginal rate.
RRSP Details
RRSP Tax Savings
Combined Marginal Rate
30.0%
Your RRSP Limit (2026)
$14,400
2026 Annual Max
$33,810
RRSP contribution room is 18% of your previous year's earned income, up to the annual maximum ($33,810 for 2026). Unused room carries forward. Contributions above your limit attract a 1% per month penalty tax.
RRSP Basics
The Registered Retirement Savings Plan (RRSP) lets you deduct contributions from your taxable income, reducing your tax bill now. Your investments grow tax-free inside the RRSP.
Contribution room: 18% of your previous year's earned income, up to $33,810 for 2026 ($32,490 for 2025). Unused room accumulates indefinitely.
Withdrawal: Withdrawals are taxed as income. The RRSP must be converted to a RRIF or annuity by December 31 of the year you turn 71.
Home Buyers' Plan (HBP): First-time buyers can withdraw up to $35,000 tax-free to purchase a qualifying home, then repay over 15 years.
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Sources
Last updated April 2026. Reflects 2026 tax year rates.
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