RRSP Tax Refund Calculator
See what an RRSP contribution actually puts back in your pocket.
Why this is worth checking
An RRSP contribution reduces your taxable income, so the refund depends entirely on the rate you pay on that last slice of income. The same $5,000 is worth far more to someone in the top bracket than to someone in the lowest, which is the whole argument for contributing in high-earning years and withdrawing in low ones.
It is a deferral, not a gift. The money is taxed when it comes out, at whatever rate applies then.
How this calculator works
The calculator combines federal and provincial rates for your province and applies them to the income the contribution shelters, including where a contribution moves you across a bracket boundary.
It handles the contribution in isolation. It does not model other credits or deductions, so treat it as the value of this contribution rather than a full tax return.
Related
This calculator is for general information, not tax or financial advice. Rates and limits change. Verify anything that matters against the CRA or a qualified professional before acting on it.