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 2017 is $26,010 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.