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RRSP Calculator

See what your RRSP could grow to by retirement, your contribution room, and how much tax your contribution saves now.

Up to 71

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A year

More options· 6% growth
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Group RRSP, share of your pay

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A year, after fees

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A year

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A year

At 65 you could have

$726,057

Putting in $5,000 a year

In today’s money
$363,048
Yearly income at 4%, in today’s money
$14,522
Where it comes from
  • What you have now$20,000
  • You put in$175,000
  • Investment growth$531,057

What this means

About 73% of it is investment growth, not money you put in. The earlier you start, the longer each contribution has to grow.

Prices will rise, so $726,057 in 35 years buys about what $363,048 buys today.

Next step

Year by year

AgeYouEmployerBalance
35$5,000$0$55,717
40$5,000$0$103,514
45$5,000$0$167,478
50$5,000$0$253,075
55$5,000$0$367,624
60$5,000$0$520,917
65$5,000$0$726,057

This year (2026)

You put in$5,000
Your RRSP room this year$12,600

Your contribution could cut your tax by about $1,483.

Assumptions in this estimate
  • Your RRSP room is 18% of last year’s earned income, up to $33,810 for 2026 and $35,390 for 2027. Here it’s worked out from your salary, without unused room from past years.
  • The tax cut is how much less income tax you’d pay this year with the contribution deducted. Contributions for 2026 can be made until 1 March 2027.
  • Growth is after fees. Your pay rises by 3% a year, and “in today’s money” takes off 2% inflation a year. What you put in stays the same each year.
  • By the end of the year you turn 71, an RRSP must become a RRIF or an annuity. Withdrawals are taxed as income. The 4% figure is a common rule of thumb for a yearly income.
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How the calculator works

  1. Your contributions: what you put in each year, up to your room: 18% of your earned income, up to the yearly limit.
  2. Your tax savings: how much less income tax you pay this year, from your province’s and the federal rates.
  3. Growth: your RRSP grows at the rate you choose, after fees, until you retire.

Examples

Starting at 30 with $20,000 saved, 6% growth after fees and 3% pay rises, retiring at 65:

Salary and province You put in a year At 65 Tax saved this year
$70,000, Ontario $5,000 $726,000 $1,483
$100,000, Quebec $10,000 $1,298,000 $3,612

Last updated

Frequently asked questions

What is the RRSP limit for 2026?

18% of your 2025 earned income, up to $33,810. For 2027, the dollar limit is $35,390. Unused room carries forward, and your Notice of Assessment shows your total.

How much tax will my RRSP contribution save?

It depends on your income and province. On $70,000 in Ontario, a $5,000 contribution cuts your tax by about $1,483.

When is the RRSP deadline for 2026?

March 1, 2027. Contributions made by then can be deducted on your 2026 tax return.

What happens to my RRSP at 71?

By the end of the year you turn 71, it must become a RRIF or buy an annuity. You then withdraw at least a set share each year, and withdrawals are taxed as income.

What if I put in too much?

You can go over your room by $2,000 without a penalty. Beyond that, the excess is charged 1% a month until it’s taken out.

Can I use my RRSP to buy a home?

Yes. The Home Buyers’ Plan lets first-time buyers withdraw up to $60,000 tax-free and repay it over 15 years.