RRSP Tax Savings Calculator
See how much your RRSP contribution saves you in taxes. Calculate your refund based on your marginal tax rate.
2026 Tax YearData stays on your deviceUpdated Apr 1, 2026
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20%54%
How It Works
Your RRSP contribution reduces taxable income. The refund equals your contribution multiplied by your marginal tax rate.
Tax Refund
$3,300.00
Monthly Tax Savings
$275.00
Refund spread over 12 months
Effective Cost
$6,700.00
Contribution minus refund
RRSP Contribution
$10,000.00
Marginal Rate
33%
Frequently Asked Questions
How does an RRSP reduce your taxes?
RRSP contributions are deducted from your taxable income. The tax refund you receive equals your contribution multiplied by your marginal tax rate.
What is a marginal tax rate?
Your marginal tax rate is the tax rate on the last dollar you earn. It includes both federal and provincial tax rates and determines the tax savings from RRSP contributions.
When do I get the RRSP tax refund?
You receive the refund when you file your tax return. Contributions made in the first 60 days of the year can be claimed on the previous year's return.
Official Data Sources
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.
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