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RRSP Calculator – Help Guide

The RRSP calculator helps you determine how much you can contribute to your Registered Retirement Savings Plan each year. Contributions reduce your taxable income and grow tax-deferred until withdrawal. Your room is based on 18% of your prior year's earned income, up to the annual CRA limit.

How to Use This Tool

  1. 1

    Select your tax year

    Choose 2024, 2025, or 2026. The contribution room for each year is based on the prior year's income.

  2. 2

    Enter prior year earned income

    Enter your employment or self-employment income from the previous year. This is used to calculate new contribution room at 18%.

  3. 3

    Enter carry-forward room

    Unused RRSP room from previous years carries forward. Find this on your CRA Notice of Assessment.

  4. 4

    Enter pension adjustment (if applicable)

    If you are a member of a workplace pension plan, enter your pension adjustment amount from your T4 slip (Box 52).

  5. 5

    Enter contributions already made

    Input any RRSP contributions already made this year to calculate your remaining room.

Helpful Tips

  • •Your exact RRSP room is shown on your CRA Notice of Assessment. Always use this as the authoritative source.
  • •The RRSP contribution deadline is 60 days after December 31st (usually March 1st) for the prior tax year.
  • •Spousal RRSP contributions count against your own room, not your spouse's.
  • •Over-contributions up to $2,000 lifetime are allowed without penalty, but no deduction is allowed on excess amounts.

Frequently Asked Questions

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