Canada RRSP Calculator 2025
Calculate RRSP tax savings and retirement projection. 2025 contribution limit: $32,490. Immediate tax refund based on marginal rate.
RRSP Details
RRSP Savings Analysis
Come utilizzare Canada RRSP Calculator 2025
Enter your RRSP contribution
Enter the amount you plan to contribute to your RRSP. The 2025 RRSP contribution limit is $32,490 (or 18% of prior year earned income, whichever is less). Unused room carries forward.
Enter your marginal tax rate
Enter your combined federal + provincial marginal tax rate. This determines your immediate tax refund. For example, Ontario income around $100K-$150K has a marginal rate of approximately 43.41%.
Suggerimenti
- Contributing to spousal RRSP splits income in retirement, potentially reducing the combined tax paid when both spouses are in lower brackets.
- Over-contributing by more than $2,000 lifetime results in a 1%/month penalty tax. Track your contribution room on My CRA Account.
- RRSP contributions made in January and February can be applied to the previous tax year, giving you a refund sooner. Many contribute early in the new year before filing.
Domande frequenti
What is an RRSP?
An RRSP (Registered Retirement Savings Plan) is a tax-advantaged account for retirement savings. Contributions reduce taxable income in the year of contribution, investments grow tax-free inside, and withdrawals are taxed as income. You must convert to an RRIF by December 31 of the year you turn 71.
RRSP vs TFSA — which is better?
RRSP is better if your marginal rate at contribution is higher than at withdrawal (common for high earners). TFSA is better if your marginal rate is the same or higher at withdrawal, or for lower-income earners. Many Canadians benefit from using both strategically.
What is the RRSP contribution deadline?
The RRSP contribution deadline is 60 days after December 31 of the tax year (typically March 1 or February 29 in leap years). Contributions made by the deadline can be deducted on the prior year's tax return.
What is the Home Buyers' Plan (HBP)?
The HBP allows first-time home buyers to withdraw up to $60,000 from RRSP tax-free to buy or build a qualifying home. The amount must be repaid to the RRSP over 15 years. Similarly, the Lifelong Learning Plan allows $20,000 for education.