Use this RRSP calculator to project how your registered retirement savings plan will grow over time. Enter your current balance, annual contributions, expected return, and time horizon to see your projected retirement savings and estimated tax refund.
How the RRSP calculator works
This calculator uses monthly compounding to project your RRSP growth. Enter your current balance and annual contribution amount, and the calculator distributes contributions evenly across 12 months. Each month, your balance grows by the monthly rate (annual rate ÷ 12) before the next contribution is added.
The estimated tax refund shown is based on your total new contributions multiplied by your marginal tax rate. This represents the cumulative tax savings from RRSP deductions over the full investment period — one of the most significant advantages of RRSP investing.
RRSP growth formula:
Each month: Balance = Previous Balance × (1 + r/12) + Monthly Contribution
Where r is the annual rate of return.
RRSP contribution limit
Your 2026 RRSP contribution limit is 18% of your 2025 earned income, up to a maximum of $33,810, plus any unused room carried forward from previous years. See the RRSP contribution limit guide for the year-by-year table and how to find your exact room on your CRA Notice of Assessment.
RRSP tax deduction and refund
One of the most powerful advantages of the RRSP is the immediate tax deduction. Every dollar you contribute reduces your taxable income by one dollar. The tax savings depend on your marginal tax rate:
| Ontario combined marginal rate (2026) | Tax refund on $10,000 contribution |
|---|---|
| 19.05% (lowest federal and Ontario brackets, taxable income up to $53,891) | $1,905 |
| 29.65% (second federal and Ontario brackets, from $58,523 until the Ontario surtax starts) | $2,965 |
| 53.53% (top combined rate, incl. Ontario surtax) | $5,353 |
Between these rows the rate depends on where your income falls and, above roughly the mid-$90,000s, on the Ontario surtax; the income tax calculator shows your own rate.
This refund is real money returned to you, and reinvesting it further accelerates growth. If you contribute $10,000 per year at a 33% tax rate and reinvest the $3,300 refund each year, the compounding effect is substantial over 25–30 years.
Use the Income Tax Calculator to determine your marginal tax rate.
RRSP vs TFSA comparison
Both accounts shelter investment growth from tax, but the RRSP defers tax to withdrawal while the TFSA eliminates it entirely. For the full side-by-side comparison, when each account wins, and a decision framework by income level, see the RRSP vs TFSA calculator — or use the TFSA Calculator directly to compare growth in a tax-free account.
Tax-free withdrawal exceptions: HBP and LLP
Two programs let you withdraw from an RRSP without immediate tax, if you meet their conditions and repay on schedule. The Home Buyers’ Plan allows up to $60,000 for a first home, repaid over 15 years. The Lifelong Learning Plan allows up to $10,000 per year ($20,000 total) for full-time education (part-time if the student meets a disability condition), repaid over 10 years. Both are loans from yourself, not gifts, and a missed scheduled repayment is added to your income for that year. See RRSP withdrawal rules for the full repayment mechanics.
Spousal RRSP
A spousal RRSP lets the higher-income spouse contribute using their own room while the funds belong to the lower-income spouse, and eventual withdrawals are taxed to the lower-income spouse once the attribution window has passed, a common income-splitting strategy in retirement. Withdrawals are attributed back to the contributor if made within 3 calendar years of a contribution; see the spousal RRSP guide for the full attribution rules.
RRSP withdrawal taxes
Withdrawals outside the HBP and LLP have tax withheld at source, and the amount withdrawn is included in your income when you file. See RRSP withdrawal rules for the full withholding table, or what happens if you cash out an RRSP early for a worked example of what an early withdrawal actually costs.
RRSP to RRIF conversion
By December 31 of the year you turn 71, you must convert your RRSP to a RRIF, buy an annuity, or withdraw the balance in full. See the RRSP to RRIF conversion guide for the trade-offs between the three options, and the RRIF Calculator to estimate your minimum withdrawals once converted.
Average RRSP balance by age
| Age of family’s major income earner | Median (Typical) | Average (Mean) |
|---|---|---|
| Under 35 | $15,000 | $57,500 |
| 35–44 | $33,000 | $88,600 |
| 45–54 | $72,600 | $173,500 |
| 55–64 | $120,000 | $266,000 |
| 65 and older | $102,200 | $248,700 |
Source: Statistics Canada, Survey of Financial Security, Table 11-10-0016-01 (2023 survey, the most recent; families holding RRSPs, RRIFs, LIRAs and similar plans, in 2023 dollars). See the full average RRSP balance by age guide for contribution-amount data and planning benchmarks. The average is well above the median at every age because a relatively small number of high-balance households pull the average up.
RRSP investment strategies
Asset allocation by age
A common approach is to hold a higher percentage of equities when young and shift toward bonds and GICs as retirement approaches:
- 20s–30s: 80–100% equities (broad market ETFs like XEQT or VEQT)
- 40s–50s: 60–80% equities, 20–40% bonds
- 60s+: 40–60% equities, 40–60% bonds and GICs
Contribution timing
Contributing early in the year gives your money more time to compound. A $6,000 lump-sum contribution on January 1 typically produces a higher ending balance than 12 monthly $500 contributions, assuming positive expected returns.
Reinvesting your tax refund
If you earn a $2,000 tax refund from your RRSP contribution and reinvest it into the RRSP (assuming you have room), you effectively contribute more at no additional out-of-pocket cost. Over 30 years, this strategy alone can add tens of thousands of dollars to your retirement savings.
Related calculators
- TFSA Calculator — Project tax-free investment growth in your TFSA
- FHSA Calculator — Estimate growth in your First Home Savings Account
- RRIF Calculator — Estimate minimum RRIF withdrawals in retirement
- Retirement Calculator — Plan your total retirement income from all sources
- Compound Interest Calculator — See the power of compound growth on any investment
- Investment Calculator — General investment growth projections
- Income Tax Calculator — Find your marginal tax rate for RRSP deductions
- Dividend Calculator — Project dividend income from your RRSP holdings
Open an RRSP and start investing
Ready to start? Follow our step-by-step investing guide to get started in minutes.
Sources
The figures and rules on this page come from these sources, last checked against them between August 29, 2026 and September 29, 2026. How we check facts.
- Canada Revenue Agency: How contributions affect your RRSP deduction limit
- Canada Revenue Agency: MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE
- Canada Revenue Agency: Current year tax rates and income brackets (2026) - Personal income tax
- Canada Revenue Agency: RRSP: The Home Buyers' Plan
- Canada Revenue Agency: RRSP: Lifelong Learning Plan Withdrawals
- Canada Revenue Agency: Repayments to your Registered Retirement Savings Plan under the Lifelong Learning Plan
- Canada Revenue Agency: RRSPs and Other Registered Plans for Retirement
- Justice Laws (Canada): Income Tax Act
- Statistics Canada: Assets and debts held by economic family type, by age group, Canada, provinces and…