RRSP tax savings calculator
Calculate CRA RRSP tax refund savings, 18% contribution limits and compound retirement growth. Free Canadian tax calculator.
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About this tool
Calculate your instant CRA tax refund from contributing to a Registered Retirement Savings Plan (RRSP) based on your combined marginal tax rate.
How to use it
- 1 Enter your annual earned income to determine your CRA 18% contribution ceiling.
- 2 Enter your planned RRSP contribution in Canadian dollars ($).
- 3 Specify your marginal tax bracket (federal + provincial) to view your instant tax refund.
Questions
When is the RRSP contribution deadline?
The CRA deadline to contribute to your RRSP for a given tax year is 60 days into the following calendar year (usually March 1 or February 29).
What is the annual RRSP contribution limit?
Your annual RRSP limit is 18% of your previous year's earned income, up to the annual CRA dollar cap ($31,560 for 2024), plus unused room from previous years.
How does an RRSP contribution generate a tax refund?
RRSP contributions are deducted from your gross taxable income, refunding the income tax paid at your highest marginal tax rate.
Is my data uploaded?
No. This tool runs in your browser, so your text and files never reach our server.
Is this tool free?
Yes. It’s free to use with no sign-up and no limits for normal use.
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