2026 RRSP savings calculator

Calculate the tax savings your RRSP contribution generates in each province and territory — and what the contribution really costs you after the refund.

Rates as known at September 27, 2026.

Taxable income

RRSP contribution

Tax year

Contribution:

Province	Tax savings^*	Savings rate	Net cost

Province	Tax savings^*	Savings rate	Net cost

^* Combined federal and provincial income tax saved by deducting the contribution from taxable income. Savings rate = tax saved ÷ contribution. Net cost = contribution − tax saved. Effects on income-tested benefits, the Ontario Health Premium and CPP/EI are not included.

Disclaimer

Calculations are based on the information provided and are for illustrative and general information only. Only the basic personal amount is claimed; other credits and deductions, provincial low-income tax reductions, the Ontario Health Premium and income-tested benefits are not included. The calculator does not check your available RRSP contribution room. Rates reflect legislation and announcements known at the date shown and may change. Results should not be considered specific tax advice. Actual tax savings may vary.

How to use it

Three RRSP decisions this helps with

How much to put in before the deadline. Contributions in the first 60 days of the year can be deducted on the prior year’s return — March 1, 2027 for 2026.
Whether to deduct now or later. If the savings rate looks low, your income may be in a low bracket this year; you can contribute now and carry the deduction to a higher-income year.
RRSP vs. TFSA vs. FHSA. The saving shown is the RRSP’s advantage today; weigh it against the tax you will pay on withdrawal in retirement.

Worth knowing

Where the refund goes further

Home Buyers’ Plan: up to $60,000 can be withdrawn tax-free from your RRSP to buy a first home, repaid over 15 years — a reason to fund the RRSP before a purchase.
Spousal RRSP: the higher-income spouse deducts the contribution; the lower-income spouse is taxed on the withdrawal later — legitimate income splitting.
Reduce tax at source: with a CRA Form T1213 your employer can withhold less tax during the year instead of you waiting for the refund.

See the personal tax calculator for your marginal rate, or how long your savings will last once you start drawing them down.

Questions

RRSP FAQ

How is the RRSP tax saving calculated?

An RRSP contribution is deducted from taxable income. The saving is the difference between the combined federal and provincial tax on your taxable income and the tax on your taxable income minus the contribution. Because contributions come off the top, the saving is at your marginal rate — and a large contribution that drops you into a lower bracket saves slightly less per dollar on the bottom portion.

How much can I contribute?

18% of your previous year’s earned income, up to the annual dollar limit ($32,490 for 2025, $33,810 for 2026), minus any pension adjustment, plus unused room carried forward. Your exact limit is on your latest notice of assessment or in CRA My Account. Contributions made in the first 60 days of the year can be deducted on the prior year’s return.

Should I contribute to an RRSP, TFSA or FHSA?

The RRSP deduction is worth the most when your marginal rate today is higher than the rate you expect in retirement. If your income is modest now and likely higher later, a TFSA (or, for a first home, an FHSA, which is deductible like an RRSP and tax-free on withdrawal like a TFSA) can be the better first choice. The right order depends on your income, your plans and your employer pension.

Do I have to deduct the whole contribution this year?

No. You can contribute now and carry the deduction forward to a year when your income — and marginal rate — is higher. That is often worth doing in a low-income year, and it is one of the simplest pieces of RRSP planning.

Want the RRSP decision made properly?

How much, which spouse, deduct now or later, and how it fits with your FHSA, TFSA and pension — a short planning call before the deadline usually pays for itself.

Book a planning call Personal tax services