RRSP Calculator
Project your RRSP balance at retirement with monthly contributions and compound growth. See tax refund impact and total gains.
Details
Result
RRSP at Retirement
C$1,026,711
Total Contributed
C$223,000
Investment Gains
C$803,711
How RRSP works
A Registered Retirement Savings Plan (RRSP) is Canada's main retirement tax shelter. You contribute pre-tax (deduction on your current-year taxes), the money grows tax-deferred, and you pay tax on withdrawals in retirement — ideally at a lower bracket.
2026 contribution rules
Annual limit: 18% of previous year earned income, capped at $32,490. Unused room carries forward indefinitely — your Notice of Assessment shows your exact available room. Deadline to contribute for a given tax year: March 1 of the following year (some exceptions).
When RRSP wins vs TFSA
RRSP wins when your current marginal tax rate is higher than the rate you expect in retirement. Typical for 40%+ bracket earners. If you earn under $55k, TFSA is almost always better. High earners usually max both.
The Home Buyers' Plan
First-time buyers can withdraw up to $60,000 from RRSP tax-free under the HBP. Repay over 15 years starting 2 years after withdrawal. Combine with the new FHSA ($40k cap) for up to $100k toward a first home.
Frequently Asked Questions
Everything you need to know, in one place.
What is the RRSP contribution limit for 2026?
$32,490 or 18% of previous year earned income, whichever is lower. Unused contribution room carries forward indefinitely. Check your exact room on your CRA Notice of Assessment or in My Account.
When should I contribute to RRSP vs TFSA?
RRSP if your current marginal tax rate is higher than your expected retirement rate (typical for high-earners). TFSA if lower or if you want withdrawal flexibility. Under ~$55k income, TFSA almost always wins.
What is an RRSP Home Buyers Plan (HBP)?
First-time buyers can withdraw up to $60,000 from RRSP tax-free to buy a home. You must repay it over 15 years starting 2 years after withdrawal, or the unpaid amount becomes taxable income each year.
What happens to my RRSP at age 71?
By December 31 of the year you turn 71, you must convert your RRSP to a RRIF (Registered Retirement Income Fund), buy an annuity, or cash out (heavily taxed). Most Canadians choose RRIF — mandatory annual minimum withdrawals starting 5.28% at age 72.
When is the 2026 RRSP contribution deadline?
March 2, 2026 for contributions to be deductible on your 2025 tax return (the deadline is the 60th day of the new year). Contributions between Jan 1 and March 2 can be applied to either tax year — valuable planning if you expect a lower bracket next year.
What is the RRSP Lifelong Learning Plan (LLP)?
Withdraw up to $10,000/year (maximum $20,000 total) from your RRSP tax-free to finance full-time training or education for yourself or your spouse. Repay over 10 years starting 5 years after the first withdrawal, or the unrepaid amount becomes taxable income.
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