RRSP Tax Refund Calculator
See how much an RRSP contribution reduces your 2026 income tax, what your marginal rate is, and whether the same money would do better in a TFSA. Federal and provincial rates for every province, verified against CRA.
Estimated 2026 tax reduction
Your actual refund is this amount only if the right tax was withheld from your pay. Otherwise it changes your balance owing by this amount.
Marginal tax rate before contributing
Income tax before → after
RRSP value at withdrawal (before tax)
RRSP value after tax at withdrawal
Same pre-tax dollars in a TFSA instead
Ignores employer matching, OAS/GIS and other income-tested benefits, and what you do with the refund. If you spend the refund instead of investing it, the RRSP's edge shrinks.
Contribution room check
How this calculator works
An RRSP contribution is deducted from your taxable income, so the tax you save equals the tax that would have applied to those dollars. The calculator computes your 2026 federal and provincial income tax twice, once with the contribution and once without, and shows the difference. Because a large contribution can span two brackets, the saving is reported as an average rate across the dollars deducted, not just your top marginal rate.
It then projects the contribution forward at the return you enter, applies the retirement tax rate you expect, and compares the result with contributing the after-tax equivalent to a TFSA. That comparison is the core RRSP-versus-TFSA question: which is higher, your tax rate now or your tax rate when you withdraw?
What is included and what is not
- Included: 2026 federal and provincial brackets, basic personal amounts, the Ontario surtax, and the Quebec federal abatement.
- Not included: CPP and EI credits, provincial health premiums, other tax credits, OAS or GIS clawbacks, and employer matching.
- The retirement tax rate and investment return are your assumptions. Change them to see how much the answer depends on them.
Refund versus tax reduction
The headline number is how much less tax you owe for 2026. Whether it arrives as a refund depends on how much was withheld from your pay during the year. If withholding matched your income exactly, the refund will be close to this number. If you had side income, a bonus taxed at a flat rate, or two employers, the contribution may reduce a balance owing instead.
Key 2026 numbers
| RRSP dollar limit (2026) | $33,810 |
| New room from earned income | 18% of prior-year earned income |
| Over-contribution cushion | $2,000 lifetime |
| Deadline for 2026 deductions | March 1, 2027 |
| TFSA dollar limit (2026) | $7,000 |
New to these accounts? Start with the RRSP guide and the TFSA guide. When you are ready to claim the deduction, see our Wealthsimple Tax review.
Frequently asked questions
How much will I get back from an RRSP contribution?
Roughly your contribution multiplied by your marginal tax rate, a little less if the deduction drops you into a lower bracket. For example, at $95,000 of income in Ontario the combined marginal rate is about 31.5%, so a $10,000 contribution reduces tax by about $3,100. Enter your own numbers above for a province-specific estimate.
Is the estimate my actual refund?
Not necessarily. A refund is the difference between the tax withheld from your pay and the tax you owe. This tool estimates how much the contribution lowers the tax you owe. If your employer withheld the right amount, the two numbers are close. If you had other income or too little withheld, the contribution may simply shrink a balance owing.
What is the RRSP contribution limit for 2026?
New room for 2026 is 18% of your 2025 earned income up to $33,810, minus any pension adjustment, plus unused room from earlier years. Your exact figure is on your latest Notice of Assessment and in CRA My Account.
What is the deadline for 2026 RRSP contributions?
Contributions made by March 1, 2027 can be deducted on your 2026 return. You can also carry the deduction forward and claim it in a later, higher-income year.
Should I contribute to an RRSP or a TFSA?
The RRSP wins when the tax rate you save today is higher than the rate you expect to pay on withdrawal. The TFSA wins when the reverse is true, and its withdrawals never count as income for OAS, GIS or other benefits. The calculator shows both outcomes for the same pre-tax dollars. The 2026 TFSA limit is $7,000.
What happens if I contribute more than my RRSP room?
You have a lifetime cushion of $2,000. Anything above that is taxed at 1% per month until you withdraw it, and you must file form T1-OVP. The excess itself is not deductible until new room appears.
Rules and limits used by this calculator
Last verified against the sources below on .
- CRA — Indexation adjustment for personal income tax and benefit amounts (2026 factor 2.0%) Lowest federal rate is 14% for 2026 (15% before July 1, 2025; 14.5% blended for the 2025 tax year).
- CRA — Income tax rates and brackets for 2026 (brackets); CRA T4127 January 2026 (basic personal amounts) Ontario surtax modelled. Ontario Health Premium (up to $900) is not modelled.
- CRA — Income tax rates and brackets for 2026 (brackets); CRA T4127 January 2026 (basic personal amounts) Revenu Québec page could not be fetched on the verification date; brackets and BPA cross-checked against TaxTips.ca (2026) and CRA indexation. Federal tax is reduced by the 16.5% Quebec abatement.
- CRA — MP, DB, RRSP, DPSP, ALDA, TFSA limits and the YMPE 2025 limit was $32,490; 2027 limit is $35,390.
- CRA — MP, DB, RRSP, DPSP, ALDA, TFSA limits and the YMPE Cumulative room: $5,000 (2009–12), $5,500 (2013–14), $10,000 (2015), $5,500 (2016–18), $6,000 (2019–22), $6,500 (2023), $7,000 (2024–26).
Disclaimer
This calculator provides estimates for education only and is not tax advice. It uses a simplified model of Canadian income tax and cannot reproduce your actual return. Confirm your contribution room with the CRA before contributing and consult a tax professional for advice specific to your situation.