RRSP Contribution Calculator 2025
Calculate your RRSP contribution room and see your tax savings from contributing.
Your Information
Employment, self-employment, or rental income from 2024
Carried forward from previous years
How much you want to contribute
2025 RRSP Limits
- • Maximum contribution: $32,490
- • Contribution rate: 18.0% of earned income
- • Deadline: March 3, 2026 (for 2025 tax year)
Enter your income to calculate your RRSP room
Understanding RRSP Contributions
A Registered Retirement Savings Plan (RRSP) is a tax-advantaged account that helps Canadians save for retirement. Contributions are tax-deductible, meaning they reduce your taxable income for the year.
How RRSP Contribution Room Works
Your RRSP contribution room is calculated as 18% of your previous year's earned income, up to the annual maximum ($32,490 for 2025). Unused room carries forward indefinitely.
Why Contribute to an RRSP?
- •Tax deduction: Contributions reduce your taxable income
- •Tax-deferred growth: Investments grow without annual taxation
- •Lower tax in retirement: Withdrawals are taxed at your retirement rate, which is often lower
- •Home Buyers' Plan: Withdraw up to $35,000 tax-free for a first home
- •Lifelong Learning Plan: Withdraw up to $10,000/year for education
RRSP vs TFSA
Both accounts offer tax advantages, but work differently. RRSPs give you a tax deduction now but withdrawals are taxed. TFSAs are funded with after-tax dollars but withdrawals are tax-free. Your choice depends on your current vs. expected retirement tax rate.
Disclaimer: This calculator provides estimates for general guidance only. Consult a qualified tax professional for advice specific to your situation.
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