RRSP Contribution Limit Calculator
Overview
Calculate your RRSP contribution limit based on your annual income and government-set maximums for each year.
The RRSP Contribution Limit Calculator helps you determine your maximum Registered Retirement Savings Plan (RRSP) contribution limit. The calculator takes into account both the government-set annual maximum and the 18% of earned income rule to show you your actual contribution limit. For part-year employment, enter your employment start and end dates to calculate your prorated contribution limit.
How to use
Calculate your RRSP contribution and tax benefits in a few steps.
- Enter your income: Input your annual income before taxes.
- Enter contribution amount: Specify how much you plan to contribute to your RRSP.
- Add tax information: Enter your marginal tax rate or province for accurate calculations.
- Review tax savings: Check your tax refund, net contribution cost, and retirement savings projection.
FAQs
- What is an RRSP?
- A Registered Retirement Savings Plan (RRSP) is a Canadian retirement savings account with tax benefits. Contributions are tax-deductible and growth is tax-deferred.
- What is my RRSP contribution limit?
- Your RRSP contribution limit is 18% of your previous year's earned income, up to the annual maximum, plus any unused contribution room from previous years.
- When should I contribute to my RRSP?
- Contributing early in the year maximizes tax-deferred growth. You have until the first 60 days of the new year to make contributions for the previous tax year.