RRSP Calculator 2025
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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
Disclaimer: This calculator provides estimates for general guidance only. Consult a qualified tax professional for advice specific to your situation.