RRSP tax refund calculator and RRSP vs TFSA

Enter your income, your RRSP contribution and your province or territory.

Annual employment income ($)RRSP contribution ($)Years until withdrawalYearly return (%)Tax rate on RRSP withdrawals in retirement (%)Province or territory

Estimate for employment income, using the CRA's T4127 rates (effective January 1, 2026): the RRSP deduction lowers taxable income but not CPP or EI. The RRSP vs TFSA comparison puts the same pre-tax dollars in each account: the TFSA gets what is left after today's marginal tax, the RRSP is taxed at the retirement rate you enter, and both earn the same return. Your RRSP deduction limit is 18% of last year's earned income up to $33,810 for 2026 (CRA), plus unused room. Quebec: see the Quebec page.