Calculate your contribution room, projected retirement balance, and estimated tax refund. All figures update live as you type.
Your RRSP contribution room is the maximum amount you can deposit into your Registered Retirement Savings Plan in a given year. It's calculated as 18% of your previous year's earned income, up to the annual dollar limit ($32,490 for 2026). Any room you don't use doesn't disappear — it carries forward indefinitely, which means Canadians who couldn't contribute in lower-income years often have significant accumulated room to use when their income rises.
The carry-forward feature is one of the most underused advantages in Canadian tax planning. If you had earned income of $50,000/year for the past five years but never contributed, you may have over $45,000 in unused room waiting for you. Every dollar you contribute reduces your taxable income for the year — generating a real cash refund from CRA at your marginal rate.
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| Age | Year | RRSP Balance | Growth Since Today | Progress |
|---|---|---|---|---|
| Enter your details above to see projections. | ||||
* Assumes no additional annual contributions beyond the RRSP balance shown. Add your regular contribution amount to balance for a more accurate picture.
The CRA increases the RRSP dollar limit (the absolute maximum, before the 18% income calculation) roughly $500–1,000 per year. Here's the recent history:
| Tax Year | RRSP Dollar Limit | Change from Prior Year |
|---|---|---|
| 2026 | $32,490 | +$1,020 |
| 2025 | $31,560 | +$810 |
| 2024 | $30,780 | +$780 |
| 2023 | $29,210 | +$1,460 (catch-up) |
| 2022 | $29,210 | $0 (frozen) |
| 2021 | $27,830 | +$390 |
| 2020 | $27,230 | +$230 |
The actual limit that applies to you is whichever is lower: 18% of your prior year earned income, or the dollar limit above. Most Canadians earning under ~$180,500 are limited by the 18% formula, not the dollar cap.
This is the mechanism that makes RRSP contributions so powerful — and the most common thing Canadians get wrong about them.
When you contribute to your RRSP, the amount reduces your taxable income for the year. If you earned $90,000 and contributed $15,000, CRA treats it as if you only earned $75,000. The tax difference — what you already paid on that $15,000 of income — comes back as a refund.
The refund size depends on your marginal tax rate (the rate on your highest dollars of income). In Ontario at $90,000 income, that's roughly 43.4%. Contribute $15,000, get back approximately $6,500. In Alberta, the same scenario produces about $5,400 due to a lower provincial rate.
The tax isn't eliminated — it's deferred. You'll pay when you withdraw in retirement, hopefully at a lower marginal rate. The strategy works best when your income (and tax rate) in retirement is lower than it is today.
Calculator disclaimer: The tax refund estimates in this calculator are approximate. They use simplified marginal rate lookups for each province and don't account for surtaxes, credits, CPP/EI contributions, or other deductions. For your actual refund, use the CRA's tax estimator or consult a tax professional. The estimates are directionally accurate — within 5–10% for most situations — but not a substitute for a proper tax return.
For a deeper look at when to use RRSP vs TFSA, see our complete RRSP vs TFSA guide →
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Open RRSP with Questrade → Open RRSP with WealthsimpleNothing on this site is financial advice. RRSP contribution limit calculations are based on publicly available CRA rules and may not reflect your exact Notice of Assessment. Always verify your personal contribution room via your CRA My Account or your most recent NOA. Tax refund estimates are approximations based on simplified marginal rates and do not account for all deductions, credits, or surtaxes. Consult a tax professional for advice specific to your situation. Some links on this site are affiliate links; we may earn a commission if you open an account, at no extra cost to you.