RRSP Tax Savings Calculator
See exactly how much tax you'll save with an RRSP contribution. The 2025 limit is $32,490 or 18% of earned income.
Your RRSP Contribution
2025 max: $32,490 or 18% of earned income
Enter your income and RRSP contribution
See exactly how much tax you'll save
These calculations are estimates based on 2025 CRA-published tax rates. Your actual tax savings may differ. Full disclaimer. Consult a qualified tax professional before making financial decisions.
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How RRSP Contributions Reduce Your Tax
RRSP (Registered Retirement Savings Plan) contributions are tax-deductible. When you contribute to your RRSP, the amount is subtracted from your taxable income, reducing the tax you owe. The higher your marginal tax rate, the more you save.
2025 RRSP Contribution Limits
| Detail | 2025 Limit |
|---|---|
| Maximum contribution | $32,490 |
| Percentage of earned income | 18% |
| RRSP contribution deadline | March 3, 2026 (for 2025 tax year) |
Your actual contribution room may be higher if you have unused room carried forward from previous years. Check your CRA My Account or your Notice of Assessment.
RRSP Tax Savings by Income Level
Your tax savings from an RRSP contribution depend on your marginal tax rate. At higher incomes, each dollar contributed saves more in taxes:
- At $50,000 income (Ontario): ~$1,500 saved on a $5,000 RRSP contribution
- At $100,000 income (Ontario): ~$2,150 saved on a $5,000 RRSP contribution
- At $200,000 income (Ontario): ~$2,650 saved on a $5,000 RRSP contribution
Enter your income and RRSP contribution in the calculator above to see your exact savings.
Frequently Asked Questions
Should I contribute to RRSP or TFSA?
Generally, if you expect your tax rate in retirement to be lower than your current rate, RRSP is better. If you expect it to be the same or higher, TFSA may be better. RRSP gives you a tax deduction now but you pay tax on withdrawals. TFSA gives no deduction but withdrawals are tax-free.
What was the RRSP deadline for 2025?
The deadline to contribute to your RRSP for the 2025 tax year was March 3, 2026 (60 days after the end of the tax year). This deadline has passed. Any contributions made after this date will count toward the 2026 tax year instead.
How do I check my RRSP contribution room?
Log in to CRA My Account online, or check your most recent Notice of Assessment — your available RRSP room is listed there. It includes any unused room carried forward from previous years.
What is the FHSA and how does it compare?
The First Home Savings Account (FHSA) lets first-time home buyers contribute up to $8,000/year (lifetime max $40,000) with the same tax deduction as an RRSP, but withdrawals for a home purchase are tax-free like a TFSA. If you're saving for your first home, FHSA is typically the best choice.
Is RRSP or TFSA better at my income?
At marginal rates above 30%, RRSP is usually better (bigger upfront deduction). Below 30%, TFSA may be better since you won't benefit as much from the deduction. Use the calculator above to see your exact savings.