Understanding your RRSP Tax Refund

Every dollar you contribute to your RRSP reduces your taxable income, giving you a tax refund. The amount you save depends on your tax bracket, higher earners save more per dollar contributed.

Use the calculator below to see your exact tax savings, understand your effective savings rate, and ensure you're staying within your contribution limits. Remember: this isn't "free money". You will pay tax when you withdraw in retirement, but the benefit comes from deferring those taxes to when you're in a lower bracket.