RRSP Tax
Savings Calculator
See exactly how much you'll save in taxes with RRSP contributions. Calculate your refund increase and find your optimal contribution amount.
Instant Tax Savings
See your exact tax savings based on your marginal rate. A $5,000 RRSP contribution at 30% = $1,500 immediate tax savings.
Optimal Contribution
Find the sweet spot for contributions. Sometimes smaller amounts make more sense if you expect lower income in retirement.
RRSP vs FHSA vs TFSA
Compare which account gives you the best tax advantage based on your current income and goals.
Province/Territory
Income Sources
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Deductions & Credits
RRSP Tax Savings by Income Level
| Income | Marginal Rate* | $5,000 RRSP Saves | $10,000 RRSP Saves |
|---|---|---|---|
| $50,000 | 29.65% | $1,483 | $2,965 |
| $75,000 | 29.65% | $1,483 | $2,965 |
| $100,000 | 37.16% | $1,858 | $3,716 |
| $150,000 | 43.41% | $2,171 | $4,341 |
| $200,000 | 47.97% | $2,399 | $4,797 |
*Ontario marginal rates shown. Your province may differ.
RRSP vs TFSA vs FHSA
RRSP
- ✓ Tax deduction now
- ✓ Tax-deferred growth
- ✗ Taxed on withdrawal
- Best for: High earners expecting lower retirement income
TFSA
- ✗ No tax deduction
- ✓ Tax-free growth
- ✓ Tax-free withdrawal
- Best for: Lower earners or flexible savings
FHSA
- ✓ Tax deduction now
- ✓ Tax-free growth
- ✓ Tax-free for home purchase
- Best for: First-time home buyers
RRSP Tax Savings FAQ
When should I contribute to RRSP?
Contribute when your marginal rate is high (usually during peak earning years). If you're in a low bracket, TFSA might be better until your income increases.
Can I carry forward unused RRSP room?
Yes! Unused RRSP contribution room carries forward indefinitely. Check your CRA My Account for your available room.
What happens if I over-contribute?
You have a $2,000 buffer, but over-contributions beyond that are penalized 1% per month. Withdraw the excess immediately if this happens.
Should I invest my RRSP refund?
Yes! The most effective strategy is to reinvest your RRSP refund. This accelerates compound growth significantly over time.
Ready to open an RRSP?
Get a $25 bonus when you open a Wealthsimple RRSP and start saving on taxes today.
How BracketBuddy Works
Enter Your Income
Add all your income sources: employment (T4), self-employment, investments, rental properties, and more. Use your paystub or tax slips to fill in the details.
Add Deductions
Enter your RRSP contributions, FHSA, childcare expenses, and other deductions that reduce your taxable income.
Get Your Results
See your estimated federal and provincial taxes, effective tax rate, and whether you'll owe money or get a refund.
Optimize & File
Review personalized recommendations to reduce your tax bill, then file your taxes with confidence.