RRSP Calculator (2026): Tax Refund & Retirement Savings
Find out how big a tax refund your RRSP contribution will get you in your province, your 2026 contribution limit, and how much your RRSP could be worth at retirement.
Updated for the 2026 tax year · Rates checked 14 October 2026
| RRSP at retirement | $602,126 |
|---|---|
| In today’s money | $313,445 |
| Tax refund this year | $1,779 |
| Real cost of this year’s contribution | $4,221 |
| Total contributions | $180,000 |
| Investment growth | $402,126 |
| New room this year (approx.) | $15,300 |
- Contributing $6,000 cuts your tax by about $1,779 (30% back), so it really costs $4,221.
- Your RRSP could grow to $602,126 by 65, about $313,445 in today’s money. Withdrawals are taxed as income.
- Invest the refund in your TFSA or next year’s RRSP to multiply the benefit.
Your result, explained
Your RRSP could grow to $602,126 ($313,445 in today’s money). This year’s contribution earns a tax refund of about $1,779, so it really costs $4,221.
Invest your refund too, in your TFSA or next year’s RRSP, to multiply the benefit. Withdrawals in retirement are taxed as income, so the RRSP works best when your tax rate today is higher than it will be later.
Growth by year
| Year | Contributions | Growth | Balance |
|---|---|---|---|
| 1 | $6,000 | $1,363 | $27,363 |
| 2 | $6,000 | $1,805 | $35,168 |
| 3 | $6,000 | $2,273 | $43,442 |
| 4 | $6,000 | $2,770 | $52,211 |
| 5 | $6,000 | $3,296 | $61,507 |
| 6 | $6,000 | $3,854 | $71,361 |
| 7 | $6,000 | $4,445 | $81,806 |
| 8 | $6,000 | $5,072 | $92,878 |
| 9 | $6,000 | $5,736 | $104,614 |
| 10 | $6,000 | $6,440 | $117,054 |
| 11 | $6,000 | $7,186 | $130,240 |
| 12 | $6,000 | $7,978 | $144,218 |
| 13 | $6,000 | $8,816 | $159,034 |
| 14 | $6,000 | $9,705 | $174,739 |
| 15 | $6,000 | $10,648 | $191,387 |
| 16 | $6,000 | $11,646 | $209,034 |
| 17 | $6,000 | $12,705 | $227,739 |
| 18 | $6,000 | $13,828 | $247,566 |
| 19 | $6,000 | $15,017 | $268,584 |
| 20 | $6,000 | $16,278 | $290,862 |
| 21 | $6,000 | $17,615 | $314,477 |
| 22 | $6,000 | $19,032 | $339,509 |
| 23 | $6,000 | $20,534 | $366,043 |
| 24 | $6,000 | $22,126 | $394,169 |
| 25 | $6,000 | $23,813 | $423,982 |
| 26 | $6,000 | $25,602 | $455,584 |
| 27 | $6,000 | $27,498 | $489,082 |
| 28 | $6,000 | $29,508 | $524,591 |
| 29 | $6,000 | $31,639 | $562,229 |
| 30 | $6,000 | $33,897 | $602,126 |
Popular amounts
How the RRSP works
RRSP contributions are deducted from your taxable income, so you get tax back at your marginal rate. The money grows tax-deferred, and you pay tax when you withdraw it, ideally in retirement when your income and tax rate are lower. You must convert your RRSP to a RRIF or annuity by the end of the year you turn 71.
Your contribution limit
New room each year is 18% of the previous year’s earned income, up to $33,810 for 2026, minus any pension adjustment, plus unused room from earlier years. Your exact figure is on your Notice of Assessment.
Frequently asked questions
RRSP or TFSA?
RRSP is usually better when your tax rate now is higher than in retirement. TFSA is better on lower incomes or for flexible savings. Many people use both, putting the RRSP refund into a TFSA.
When is the RRSP deadline?
60 days after the end of the year, around March 1, for a deduction on the previous year’s return.