RRSP Calculator: Room and Tax Refund
Work out how much you can put into your RRSP for 2026, and roughly how much tax a contribution could save you.
What we noticed
Year by year
How this calculator works
Your RRSP room for a year is the lesser of 18% of your earned income from the year before and the dollar limit, minus any pension adjustment from a workplace pension, plus any unused room from earlier years. For 2026 the dollar limit is $33,810.
A contribution you deduct lowers your taxable income, so you get a tax refund of about the contribution times your marginal tax rate. We use the rate you choose. Contributions made in the first 60 days of the next year can also be deducted for this year.
Your Notice of Assessment shows your exact room. Use that for decisions.
RRSP numbers
| Dollar limit, 2026 | $33,810 |
|---|---|
| Dollar limit, 2025 | $32,490 |
| Percentage of earned income | 18% of the previous year's earned income |
| Reduced by | Your pension adjustment from a workplace pension |
| Added to | Unused room carried forward |
Frequently asked questions
How much can I contribute to my RRSP in 2026?
Up to your deduction limit: 18% of last year's earned income, up to $33,810, minus any pension adjustment, plus unused room from earlier years. Your Notice of Assessment shows the exact figure.
How much tax will I save?
About your contribution times your marginal tax rate. The rate depends on your income and province, so use the closest option.
What is the 60-day rule?
Contributions you make in the first 60 days after the year ends can be deducted for the previous year.
What if I contribute more than my room?
A small buffer of $2,000 over your limit is allowed without penalty. Above that, a tax of 1% a month applies on the extra amount.
When must I close my RRSP?
By the end of the year you turn 71, you must convert it to a retirement income option such as a RRIF, or take the money out.