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RRSP Calculator Canada 2025

Calculate your RRSP tax refund, contribution room and projected retirement savings.

The Registered Retirement Savings Plan (RRSP) is Canada's primary tax-advantaged retirement savings vehicle. Contributions to an RRSP are deducted from your taxable income in the year they are made, reducing your income tax payable immediately. The investment grows tax-sheltered inside the RRSP until withdrawal — typically at retirement when your income and therefore your marginal tax rate is lower. The 2025 RRSP contribution limit is 32,490 Canadian dollars or 18% of your previous year's earned income, whichever is lower. Unused contribution room carries forward indefinitely, meaning Canadians who contributed less than the maximum in previous years can make larger contributions in future years to catch up.
$
$
Tax Refund This Year
$4,448
@ 29.7% marginal rate
Net Cost of Contribution
$10,553
$15,000 − $4,448
RRSP at Retirement
$872,346
25 yrs at 6% growth
Every $1 in RRSP costs you only $0.70 after the tax refund — and grows tax-deferred.
RRSP vs TFSA — Annual $15,000 contribution over 25 years
Contribution amount$15,000/yr$15,000/yr
Tax refund on contribution$4,448/yrNone
Net cost per year$10,553/yr$15,000/yr
Balance at retirement (6% growth)$872,346$872,346
Tax on withdrawalsTaxed as incomeTax-free
Monthly income (25yr drawdown)$2,908$2,908
RRSPTFSA
⚠️ 2025 RRSP limit: $32,490 or 18% of prior year earned income. RRSP deadline: March 3, 2025 (for 2024 tax year). Growth projection at 6% is illustrative — actual returns vary. Withdrawals are taxed as income. Consult a financial advisor.