Swift Accounting & Business Solutions Ltd.
2440 Kensington Rd NW, Calgary, AB T2N 3S1
(403) 999-2295 · mailbox@swiftltd.ca
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RRSP Tax Savings Calculator (2026)
See how much income tax an RRSP contribution saves. Enter your income and the amount you plan to contribute to get the tax saved for your province.
Enter your income and a contribution to see the tax saved.
Tax saved
Contributions made by count for the tax year.
Estimate based on 2026 rules. Not tax advice.
How it's calculated
- Your tax is calculated twice, once as it stands and once with the contribution deducted. The difference is the tax saved.
- Both calculations use the full federal and provincial rules, including brackets, credits, the Ontario surtax and Health Premium, and low-income reductions, so the saving is not one flat rate.
- If you enter your RRSP room, the deduction is capped at it. Without it, the calculator warns when the contribution is above 18% of income or the $33,810 limit for 2026.
- Tax saved lowers your tax owing or increases your refund. It is not a separate payment from the CRA.
- Withdrawals are taxed later, so an RRSP pays off most when your tax rate now is higher than your rate in retirement.
Frequently asked questions
How much tax will an RRSP contribution save me?
It saves the combined federal and provincial rate on each dollar deducted, adjusted for any bracket you cross. The calculator shows the exact amount for your income and province.
How much can I contribute to my RRSP?
You can deduct 18% of last year's earned income, up to $33,810 for 2026, plus unused room from earlier years, less any pension adjustment. Your notice of assessment shows your room.
Is the tax saved a refund?
It lowers your tax owing for the year. If tax was withheld from your pay, it shows up as a larger refund. The saving is the same either way.
What happens if I contribute more than my room?
The CRA allows a small cushion. Above it, a monthly tax applies to the excess until you withdraw it or earn the room. Check your room before you contribute.
Should I choose an RRSP or a TFSA?
An RRSP tends to win when your tax rate now is higher than your rate in retirement. A TFSA tends to win when it is lower. The TFSA vs RRSP calculator compares them using your numbers.
Talk to a Swift accountant
An RRSP is one piece of a tax plan. We can work out the right mix for your income, your business and your retirement goals.