RRSP deduction · refund estimate
RRSP Tax Savings Calculator 2026
See how much income tax an RRSP contribution saves you in your province, and how much new contribution room your income creates.
Official 2026 rates, verified October 9, 2026
How RRSP tax savings work
An RRSP contribution is deducted from your income, so you save tax at your marginal rate, the rate on your top dollars of income. The higher your income, the more each dollar saves. Tax is paid later, when you withdraw, usually in retirement at a lower rate.
Savings on a $5,000 contribution at common incomes (Ontario)
| Income | Marginal rate | Approx. tax saved |
|---|---|---|
| $50,000 | 19.0% | $952 |
| $75,000 | 29.6% | $1,482 |
| $100,000 | 31.5% | $1,574 |
| $150,000 | 43.4% | $2,170 |
| $200,000 | 48.3% | $2,413 |
The calculator above works out the exact figure, including when a contribution drops you into a lower bracket.
Frequently asked questions
How much tax will I save with an RRSP contribution?
Roughly your marginal tax rate times the contribution. At $75,000 in Ontario, a $5,000 contribution saves about $1,630: each dollar comes off income taxed at 29.65%, and the lower income also reduces the Ontario Health Premium.
What is the RRSP limit for 2026?
18% of your 2025 earned income, up to $33,810, minus any pension adjustment, plus unused room carried forward. Your exact limit is on your notice of assessment.
When is the RRSP deadline for the 2026 tax year?
Contributions made in the first 60 days of 2027 can be deducted on your 2026 return, as well as contributions made during 2026.
Do I get the RRSP savings as a refund?
If your employer already withheld tax on your full salary, the savings usually come back as a refund when you file. You can also ask CRA (Form T1213) to reduce withholding at source.
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All rates and amounts on this page are taken from official government sources, including the Canada Revenue Agency, Revenu Québec and provincial and territorial finance ministries. Last verified October 9, 2026.