RRSP Calculator
Calculate your Registered Retirement Savings Plan (RRSP) growth and tax savings. Uses current Canadian contribution limits and tax brackets for accurate projections.
Current RRSP
Contributions
2024 limit: $31,560 or 18% of previous year's income
Used to calculate your marginal tax rate
Settings
RRSP at Retirement
$876,754
after 25 years
Annual Tax Savings
$2,965
Total lifetime savings: $74,125
Understanding RRSPs
A Registered Retirement Savings Plan (RRSP) is a Canadian retirement savings account that provides tax advantages. Contributions are tax-deductible, meaning they reduce your taxable income for the year. The investments grow tax-free until withdrawal, at which point they're taxed as income.
2024 RRSP Contribution Limits
- Maximum limit: $31,560 for 2024
- Percentage limit: 18% of your previous year's earned income
- Unused room: Carries forward indefinitely
- Deadline: March 1 for previous tax year deduction
RRSP vs TFSA
While both accounts offer tax advantages, RRSPs are generally better for higher-income earners who expect to be in a lower tax bracket in retirement. TFSAs are often better for lower-income earners or those who need more flexible access to their savings.
Important Disclaimer
This calculator provides estimates for educational and informational purposes only. Results should not be considered as financial, investment, or tax advice. Actual RRSP contribution limits, tax savings, and investment returns will vary.
RRSP contribution limits change annually. Always verify your personal contribution room with CRA and consult a qualified financial advisor or tax professional.