RRSP Calculator Canada 2026: Growth, Tax Savings and Limit
See how much tax an RRSP contribution saves you this year and how your balance grows to retirement. 2026 limit $33,810. Free and private.
Last updated: June 2026
What is an RRSP? A Registered Retirement Savings Plan lets you make tax-deductible contributions that grow tax-free until withdrawal, usually in retirement at a lower tax rate. The 2026 limit is $33,810, or 18% of your 2025 earned income, whichever is less.
2026 maximum: $33,810
Tax saving this year
- Tax saved
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- Projected balance at 71
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- Projected balance at 65
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- Total contributions
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- Total investment growth
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| Year | Age | Contribution | Growth | Balance |
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Two wins from one contribution
An RRSP does two things at once: it cuts your tax bill today and grows your money for retirement. This RRSP calculator shows both. Enter a contribution and your marginal tax rate to see the refund-sized saving this year, then watch the year-by-year projection build your balance to age 71.
The tax saving is the contribution times your marginal rate. At a 30% rate, every $1,000 you put in saves $300 in tax. That is money back in your pocket, which many people reinvest. Inside the account, your investments compound without being taxed each year, which is what makes the long-run balance so much larger than the same money in a regular account.
The 2026 limit is $33,810 or 18% of your 2025 earned income, whichever is lower, plus any unused room carried forward. An RRSP suits you best if you expect a lower tax rate in retirement. If not, a TFSA may be better, since its withdrawals are tax-free. Compare the two in our RRSP vs TFSA guide, and check your overall tax with the Canada income tax calculator.
Disclaimer: RRSP projections are estimates. Actual returns will vary and are not guaranteed. Contributions exceeding your personal deduction limit attract a 1% per month penalty. Check your exact limit on your CRA Notice of Assessment. Consult a financial adviser or CRA. Full disclaimer.
How it works
Three quick steps — no account, nothing uploaded to a server.
Enter a contribution
Type your annual contribution and marginal tax rate.
Set age and return
Add your age and an expected annual return.
See the projection
Get your tax saving and balance growth to age 71.
Related reading
Rates and rules on this page are verified against Canada Revenue Agency (CRA) RRSP guidance. Last checked July 2026.
FAQ
Frequently asked questions
What is the RRSP contribution limit for 2026?
The 2026 RRSP contribution limit is $33,810, or 18% of your 2025 earned income, whichever is lower. Unused room from previous years carries forward and adds to your limit. Your exact limit appears on your CRA Notice of Assessment or in your CRA My Account. Contributing more than your limit attracts a penalty of 1% per month on the excess.
How does an RRSP save me tax?
RRSP contributions are tax-deductible, meaning they reduce your taxable income for the year. If your marginal tax rate is 30% and you contribute $10,000, you cut your tax bill by about $3,000. The money then grows tax-deferred inside the account. You only pay tax when you withdraw, usually in retirement when your income and tax rate are often lower.
When do I have to convert my RRSP?
You must convert your RRSP into a RRIF (Registered Retirement Income Fund) or an annuity by December 31 of the year you turn 71. After that you can no longer contribute, and you must start taking minimum annual withdrawals, which are taxed as income. This calculator projects your balance up to age 71 to show what you could have at conversion.
RRSP or TFSA, which should I use?
Use an RRSP when you expect a lower tax rate in retirement than you have now, because you get a bigger deduction today than the tax you pay later. Use a TFSA when you expect a similar or higher income in retirement, since TFSA withdrawals are never taxed. Many Canadians contribute to both. Our RRSP vs TFSA comparison breaks down the decision.
Can I withdraw from my RRSP early?
You can, but it is usually a poor idea. Early withdrawals are taxed as income in the year you take them, and you permanently lose that contribution room. Two exceptions let you borrow from your RRSP tax-free if repaid: the Home Buyers' Plan for a first home (up to $35,000) and the Lifelong Learning Plan for education. Outside those, leave it to grow.
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