Annual Tax Refund
CADNaN
Total Contributions
CADNaN
Investment Growth
CADNaN
Projected RRSP Balance
CADNaN
RRSP कैलकुलेटर — Annual RRSP Contribution (C$) ₹1,50,000
With annual rrsp contribution (c$) of ₹1,50,000, the annual कर refund is CAD49,500.
2025 RRSP limit is $31,560 or 18% of prior-year earned income
Your combined federal + provincial marginal rate
Annual Tax Refund
CAD4,950
Total Contributions
CAD3,75,000
Investment Growth
CAD4,95,574
Projected RRSP Balance
CAD8,70,574
Tax refund = contribution × marginal rate. Projections assume constant annual return. Does not account for RRSP withdrawals, conversion to RRIF, or withholding taxes. Consult a financial advisor.
What is the RRSP Calculator?
The Registered Retirement Savings Plan (RRSP) is Canada's primary tax-sheltered retirement account. Contributions reduce your taxable income, generating a tax refund at your marginal rate. Inside the RRSP, investments grow tax-free until withdrawal. The 2025 RRSP contribution limit is $31,560 (or 18% of prior-year earned income, whichever is lower). Unused room carries forward indefinitely.
Formula
Tax Refund = Contribution × Marginal Rate. RRSP Balance = Monthly contrib × ((1+r)^n − 1) ÷ r × (1+r), where r = annual return ÷ 12 and n = years × 12.- FV
- = Final RRSP balance at retirement
- C
- = Monthly RRSP contribution
- r
- = Monthly return rate (annual rate ÷ 12)
- n
- = Total months (years × 12)
How to use the RRSP Calculator
- 1
Step 1
Enter your planned annual RRSP contribution.
- 2
Step 2
Enter your combined federal + provincial marginal tax rate.
- 3
Step 3
Set your expected annual investment return (diversified portfolios historically average 5–7%).
- 4
Step 4
Enter years until you plan to retire.
- 5
Step 5
View your annual tax refund and projected RRSP balance.
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Frequently asked questions
What is the RRSP contribution limit for 2025?
The 2025 RRSP contribution limit is $31,560 or 18% of your 2024 earned income, whichever is lower. Unused contribution room from prior years can be carried forward.
How does RRSP reduce my taxes?
RRSP contributions are deducted from your taxable income, generating a refund at your marginal rate. A $15,000 contribution at a 40% marginal rate produces a $6,000 tax refund.
When must I convert my RRSP to a RRIF?
You must convert your RRSP to a RRIF (or annuity) by December 31 of the year you turn 71. Minimum annual withdrawals from RRIF begin the following year.
Can I withdraw from my RRSP before retirement?
Yes, but withdrawals are added to your taxable income and subject to withholding tax (10–30%). Exceptions include the Home Buyers' Plan (up to $35,000) and Lifelong Learning Plan (up to $20,000).
What is the Home Buyers' Plan?
The Home Buyers' Plan lets first-time home buyers withdraw up to $35,000 from their RRSP tax-free to purchase or build a home. The amount must be repaid over 15 years.
Sources
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