RRSP Contribution Calculator 2026
Maximize your retirement savings and tax refunds. Calculate your 2026 contribution room (18% of 2025 income, max $32,490), estimate tax savings based on your province, and see your after-tax contribution cost. Updated for 2026 limits and provincial tax brackets.
How to Use This RRSP Calculator
- Select your province – Your marginal tax rate (and therefore your refund) depends on where you live.
- Enter your 2025 employment income – RRSP room is 18% of previous year's income, up to $32,490 for 2026.
- Add pension adjustment (if applicable) – If you have a workplace pension, your T4 will show a PA amount that reduces your RRSP room.
- Include unused room – Check your CRA Notice of Assessment for any unused contribution room carried forward.
- Plan your contribution – Enter how much you plan to contribute to see your estimated tax refund and after-tax cost.
- Consider spousal RRSP – If your spouse earns less, spousal RRSP contributions can help balance retirement income.
Frequently Asked Questions
The 2026 RRSP contribution limit is $32,490, which is 18% of your 2025 earned income, whichever is lower. This is a 4.1% increase from the 2025 limit of $31,560. Any unused room carries forward indefinitely.
For the 2025 tax year (filed in 2026), the deadline is March 2, 2026. For the 2026 tax year, the deadline is March 1, 2027. Contributions made in the first 60 days of the year can be claimed on either the previous or current tax year.
You can over-contribute up to $2,000 without penalty. Beyond that, excess contributions are subject to a 1% per month penalty tax until withdrawn. File Form T1-OVP to calculate any penalty.
Yes! The Home Buyers' Plan (HBP) allows first-time homebuyers to withdraw up to $60,000 tax-free from their RRSP for a down payment. You must repay the amount over 15 years, starting the second year after withdrawal.
RRSP first if you're in a high tax bracket now (especially >40%). TFSA first if you're in a lower tax bracket or need flexible access to funds. Many Canadians benefit from contributing to both accounts strategically over their career.
