RRSP Tax Savings Calculator
See exactly how much an RRSP contribution reduces your taxes, then decide whether RRSP, TFSA, or FHSA should get your next dollar.
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How RRSP Tax Deductions Work
When you contribute to your RRSP, you get a tax deduction that reduces your taxable income. The value of that deduction depends on your marginal tax rate, the higher your income, the more you save per dollar contributed.
For 2026, the maximum RRSP contribution is $33,810 or 18% of your 2025 earned income, whichever is less. Unused room carries forward indefinitely. The deadline for 2026 tax year deductions is March 1, 2027.
The real RRSP question is usually not just "how much refund do I get?" It is whether the deduction is more valuable than keeping flexibility in a TFSA or prioritizing FHSA for a first home.
Strategic tip: If you expect a significant income increase next year, consider deferring your RRSP deduction. You can contribute now but claim the deduction in a future year when your marginal rate is higher.
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Track Your RRSP Contributions Automatically
NivoaFlow tracks RRSP, TFSA, and FHSA room together so refund decisions, savings goals, and contribution timing live in one view.
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This calculator provides estimates only and does not constitute financial, tax, or investment advice. Tax brackets shown are simplified versions of 2026 rates and may not reflect surtaxes, clawbacks, or credits that apply to your situation. Actual tax savings depend on your complete tax return including all income sources, deductions, and credits.
Provincial rates do not include surtaxes (e.g., Ontario Health Premium). The RRSP limit shown is the 2026 maximum, your personal limit may differ based on pension adjustments and prior contributions. Always consult a qualified tax professional and verify your exact RRSP room on CRA My Account.