RRSP Calculator
An RRSP gives you a tax refund today and grows tax-deferred until retirement. See your projected balance and the yearly refund your contributions generate.
Loading the calculator…
Loading the calculator…
Frequently asked questions
What is an RRSP?
A Registered Retirement Savings Plan lets you deduct contributions from your income now (giving a tax refund) and grow your money tax-deferred. You pay tax later, when you withdraw in retirement.
Why do I enter my marginal tax rate?
Your RRSP refund equals your contribution times your marginal tax rate (the rate on your top dollar of income). We ask for it directly so the refund is accurate for your province and income without guessing.
RRSP or TFSA — which is better?
Roughly: an RRSP wins if your tax rate in retirement will be lower than today; a TFSA wins if it’ll be the same or higher. Many people use both. The key RRSP trick is to actually invest the refund instead of spending it.