Canada RRSP Calculator
Calculate RRSP (Registered Retirement Savings Plan) savings and tax benefits for Canada.
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Used to calculate your contribution limit
Your 2024 limit: $13,500
Tax rates vary by province
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Enter your income and contribution details to see your RRSP growth and tax savings.
📖 What is an RRSP?
A Registered Retirement Savings Plan (RRSP) is a tax-deferred retirement savings account. Contributions reduce your taxable income, investments grow tax-free until withdrawal, and withdrawals are taxed as income in retirement.
Tax Deduction
Contributions reduce your taxable income
Tax-Deferred Growth
Investments grow without annual taxation
Home Buyers' Plan
Withdraw up to $35,000 for first home
📊 RRSP Contribution Limits
18%
of previous year's earned income
$31,560
2024 maximum contribution
Unused contribution room carries forward indefinitely.
⚖️ RRSP vs TFSA Comparison
| Feature | RRSP | TFSA |
|---|---|---|
| Tax deduction on contributions | ✓ | ✗ |
| Tax on withdrawal | Yes | No |
| Best for | High income earners | Low/medium income |
| Contribution room | 18% of income | Fixed annual limit |
| Impact on gov benefits | May reduce | No impact |
Home Buyers' Plan (HBP)
- • Withdraw up to $35,000 for first home
- • Repay over 15 years
- • Must be first-time buyer
Lifelong Learning Plan (LLP)
- • Withdraw up to $10,000/year
- • Maximum $20,000 total
- • For you or your spouse's education
⚠️ RRSP Withdrawal Rules
Convert by Age 71
Must convert to RRIF by Dec 31 of year you turn 71
Withholding Tax
10-30% withheld depending on amount
Taxable as Income
Withdrawals added to your taxable income
Tax Strategy
Withdraw in lower income years to minimize tax
Frequently Asked Questions
When should I contribute to my RRSP?
You can contribute anytime throughout the year. The deadline for the previous tax year is 60 days after the new year (usually March 1). Many people contribute regularly or make a lump sum before the deadline.
Should I contribute to RRSP or TFSA first?
Generally, if you're in a high tax bracket now and expect to be in a lower one in retirement, RRSP is better. If your income is lower or you need flexibility, TFSA may be the better choice.
What is the Home Buyers' Plan?
The Home Buyers' Plan allows you to withdraw up to $35,000 from your RRSP to buy your first home. You must repay this amount over 15 years, starting 2 years after the withdrawal.
What is a Spousal RRSP?
A Spousal RRSP allows a higher-earning spouse to contribute to an RRSP in their partner's name. This can help split retirement income and reduce overall family taxes.