RRSP Calculator (2026)
Calculate your 2026 RRSP contribution room, the tax refund your contribution will generate, and what the money could grow to before retirement.
How to use this calculator
- Enter last year's earned income.
- Enter rRSP contribution this year.
- Enter your current taxable income.
- Enter province or territory.
- Enter years until withdrawal.
- Enter expected annual return.
- Your results appear instantly below and update as you change the numbers.
How this calculator works
Your RRSP contribution limit for 2026 is 18% of your 2025 earned income, capped at $33,810, plus any unused room carried forward from earlier years. Contributions are tax-deductible: every dollar reduces your taxable income, so you get a refund at your combined marginal rate — about 30% for a typical Ontario earner at $90,000. Inside the RRSP, money grows tax-free (you only pay tax on withdrawals). Worked example: with $100,000 of 2025 earned income your room is $18,000; contributing $10,000 saves about $2,970 in tax and, at 6% over 20 years, grows to roughly $385,000 — taxed only when you withdraw it in retirement. The Home Buyers' Plan lets you withdraw up to $60,000 tax-free for a first home, and the Lifelong Learning Plan up to $20,000 for education.
Frequently asked questions
What is the RRSP limit for 2026?
The dollar limit is $33,810, up from $32,490 in 2025. Your personal limit is the lesser of that amount and 18% of your previous year's earned income, plus any unused room carried forward. You need about $187,833 of 2025 earned income to max out.
How much tax does an RRSP contribution save?
Your refund equals the contribution times your combined marginal rate. An Ontario taxpayer at $90,000 saves roughly 30% (20.5% federal + 9.15% provincial), so a $10,000 contribution generates about a $2,970 refund. High earners in the top brackets can save 45–53%.
What is the $2,000 over-contribution buffer?
You can contribute up to $2,000 more than your deduction limit without penalty, which protects you from small miscalculations. Beyond that, the penalty is 1% per month on the excess until you withdraw it.
Is an RRSP or a TFSA better for a first home?
For a first home, the FHSA is the best of both: contributions are deductible like an RRSP and the withdrawal is tax-free like a TFSA (up to $8,000/year, $40,000 lifetime). The Home Buyers' Plan (RRSP withdrawal up to $60,000) is the fallback, but you must repay it over 15 years or pay tax on the unpaid amount.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect the current tax year and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: canada.ca tax rates · CPP rates · CMHC mortgage insurance.