RRSP Calculator (Canada, 2026)
Direct answer: An RRSP contribution is deducted from your income, so it saves tax at your marginal rate. On a $75,000 Ontario salary that rate is about 29.6%, so a $10,000 RRSP contribution cuts your tax by roughly $2,965. Your 2026 contribution limit is 18% of your 2025 earned income, up to $33,810. Use the advanced RRSP field in the calculator above to see how a contribution raises your take-home pay.
How much tax does an RRSP contribution save?
An RRSP contribution is deducted from income, so it saves tax at your marginal rate. On $75,000 in Ontario that rate is about 29.6%, so a $10,000 contribution cuts your tax by roughly $2,965.
What is the RRSP contribution limit for 2026?
Your 2026 limit is 18% of your 2025 earned income, up to a maximum of $33,810, plus any unused room carried forward, minus any pension adjustment.
What is the RRSP deadline for the 2025 tax year?
Contributions made by March 2, 2026 (the first 60 days of the year) can be deducted on your 2025 return.
Does an RRSP contribution increase my take-home?
It lowers your taxable income, so less tax is withheld and your net pay rises. Add a contribution in the advanced options of the calculator to see the effect.
| Item | Annual | Monthly | Bi-weekly |
|---|---|---|---|
| Gross Income | $75,000 | $6,250 | $2,885 |
| Federal Income Tax | -$9,268 | -$772 | -$356 |
| Ontario Provincial Tax | -$3,997 | -$333 | -$154 |
| CPP | -$4,230 | -$353 | -$163 |
| CPP2 | -$16 | -$1 | -$1 |
| Employment Insurance | -$1,123 | -$94 | -$43 |
| Ontario Health Premium | -$750 | -$63 | -$29 |
| Take-Home Pay | $55,616 | $4,635 | $2,139 |
- Federal tax$9,26812%
- Provincial tax$3,9975%
- Contributions (CPP/EI)$6,1208%
- Take-home$55,61674%
- Gross$75,000
$75,000
- British Columbia$56,385+$770
- Alberta$55,908+$293
- Ontariothis state$55,616
- Ontariothis state$55,616
- Nova Scotia$51,885−$3,731
How much tax does an RRSP contribution save?
An RRSP contribution is a deduction, not a credit, so it reduces your taxable income dollar for dollar and saves tax at your marginal rate. The higher your income, the bigger the refund per dollar contributed. Enter your salary above and open the advanced options to add an RRSP contribution and watch your take-home rise.
How do you calculate your RRSP refund?
To estimate the tax you save:
- Find your marginal rate (the calculator shows it for your salary and province).
- Multiply your planned RRSP contribution by that rate.
- The result is your approximate tax saving (refund or reduced tax owing).
- Add it to the deferred growth inside the plan for the full benefit.
What is the RRSP contribution limit for 2026?
Your deduction limit for a year is 18% of your prior-year earned income, up to an annual dollar cap, plus unused room carried forward and minus any pension adjustment from a workplace plan. The 2026 dollar limit is $33,810, reached at about $187,833 of 2025 earned income. The table shows recent dollar limits.
| Year | RRSP dollar limit |
|---|---|
| 2023 | $30,780 |
| 2024 | $31,560 |
| 2025 | $32,490 |
| 2026 | $33,810 |
What is the RRSP contribution deadline?
Contributions made in the first 60 days of a year can be applied to the previous tax year. For the 2025 tax year, the deadline is March 2, 2026. This is why RRSP season peaks in late February — a deduction applied to last year's higher income can mean a larger refund.
RRSP or TFSA — which should you use?
An RRSP gives an upfront deduction but taxes withdrawals, so it suits higher earners who expect a lower rate in retirement. A TFSA gives no deduction but tax-free withdrawals. Many people contribute to an RRSP at a high marginal rate, then move part of the refund into a TFSA — using both is often the strongest plan.