RRSP Calculator — Plan Your Canadian Retirement
Calculate RRSP growth and tax savings for Canadian retirement planning. See how contributions reduce your tax bill today while building a retirement nest egg.
The Registered Retirement Savings Plan is the cornerstone of Canadian retirement planning. RRSP contributions are tax-deductible reducing your current year tax bill and the investments grow tax-free until withdrawal in retirement when you are likely in a lower tax bracket. The 2026 contribution limit is 18% of your previous year earned income up to approximately $31560 plus any unused room from previous years.
Calculate Now
Key Information
| Parameter | Details |
|---|---|
| 2026 Contribution Limit | $31,560 (or 18% of earned income) |
| Tax Deduction | At your marginal tax rate |
| Growth | Tax-deferred until withdrawal |
| Deadline | March 1 2027 for 2026 tax year |
Plan your RRSP retirement
Get accurate results instantly — 100% free, no signup required
Use Calculator NowFrequently Asked Questions
How much tax do I save with RRSP?
Your tax savings equal your contribution multiplied by your marginal tax rate. Contributing $10000 when your marginal rate is 33% saves $3300 in taxes immediately. In Ontario at $80000 income your marginal rate is approximately 29.65% so a $10000 RRSP contribution saves $2965 in taxes. This is an immediate guaranteed return on your money.
RRSP vs TFSA which is better?
If your current tax rate is higher than your expected retirement tax rate use RRSP for the tax deferral advantage. If your tax rate will be similar or higher in retirement TFSA is better since withdrawals are tax-free. Most Canadians benefit from using both: maximize RRSP for the tax deduction and put additional savings in TFSA. High income earners benefit more from RRSP.
How much RRSP do I need to retire in Canada?
A common rule is to target 70% of your pre-retirement income in retirement. If you earn $80000 you need $56000 per year in retirement. CPP provides approximately $16000 and OAS about $8000 leaving $32000 from personal savings. At a 4% withdrawal rate you need $800000 in RRSP/TFSA to generate this income sustainably for 25+ years.
Related Calculators
Last updated: 24 March 2026