RRSP tax refund calculator

Your marginal rate on the income the deduction shelters. Contribute $10,000 while earning $100,000 in Ontario and $3,058 comes back, because that income was taxed between 29.65% and 31.48%. The same contribution on $50,000 of income is worth about half as much, since that income was only taxed at 19.05%. The account does not decide what you get back, your income and province do.

Because a deduction is applied from the top of your income downward, and a large one drops you into a lower bracket partway through. Only the part of the contribution above the bracket boundary is worth your top rate; the rest is worth the rate below it. A calculator that multiplies your whole contribution by one marginal rate overstates the refund every time the deduction crosses a boundary, which for a five-figure contribution is most of the time. This one prices each slice at its own rate.

March 1, 2027. RRSPs are the one account with a grace period: contributions made in the first 60 days of the following calendar year can be deducted on either return, which is why the ads start in January. An FHSA has no such window, and a TFSA has no deadline at all.

18% of last year's earned income up to $33,810 for 2026, plus every dollar of unused room you have carried forward, minus any pension adjustment from a workplace plan. Only the first part is computable from your income, which is why the figure that matters is the deduction limit on your latest notice of assessment. Unlike a TFSA, your room depends on what you earned, so nobody can work it out from your age.

Compare the rate you would deduct at now against the rate you expect to withdraw at later. An RRSP wins when today is your higher-taxed year, which for most people means their peak earning years; a TFSA wins when today is your lower-taxed year, and it always wins when the RRSP deduction would recover almost nothing, such as a year with little income. A TFSA also never affects income-tested benefits on the way out, while RRSP withdrawals are ordinary income and can claw them back.

No, and it is often worth waiting. The contribution has to be made by the deadline, but the deduction can be carried forward and claimed in any later year. If you expect a raise, a bonus, or a return to work, holding the deduction until a higher-taxed year is worth real money, and the money is invested and growing the whole time either way.

Either, depending on your year. If your employer already withheld tax on the income the deduction shelters, the difference comes back as a refund after you file. If you owe tax, it reduces what you owe instead. The figure on this page is the tax saved, which is the same either way.

It uses the published 2026 combined federal and provincial marginal rates on ordinary income, so the rate applied to each slice of income is right, including the Ontario and PEI surtaxes and Quebec's federal abatement. It treats your gross income as your taxable income and applies only the basic personal amount, so it does not model CPP and EI, other deductions and credits, or the clawback of income-tested benefits. For most salaried people it lands within a few percent; it is an estimate, not a return.