A Registered Retirement Savings Plan (RRSP) is a retirement investment plan registered with the government to which you or your spouse can contribute. RRSP-eligible investments can be some stocks and mutual funds.
Deductible RRSP contributions can significantly increase your tax refund. The contribution limit in 2016 is $25,370 or 18% of last year’s income, whichever is less, plus any unused contribution room from previous years. Our calculator doesn’t calculate with the contribution room from previous years.
Usage of the calculator:
- Select the province: you can choose all the Canadian provinces or territories from the list.
- Enter your salary. This is required to calculate your tax refund.
- Enter your previous year salary. This is required to calculate the limit of the deductible contributions.
The calculator on this site is for informative purposes only and is not intended to replace professional advice.