Free Calculator

RRSP Growth & Refund Calculator

Your RRSP contribution generates a real tax refund at your actual marginal rate — and that refund is worth meaningfully more if you invest it too, instead of spending it. This shows exactly how much more.

Starting RRSP balance

Contribution amount, per period

Contribution frequency

Annual growth rate, %

Years

Your annual income (before this contribution)

Province

Spending the refund vs. reinvesting it

Same contributions, same growth rate. The only difference: what happens to the tax refund each contribution generates.

The refund isn't free money — it's a tax deferral, not an elimination. RRSP withdrawals in retirement are taxed as regular income. This calculator shows the refund and growth honestly, but doesn't model the eventual withdrawal tax, since that depends on your income and bracket decades from now, not something worth guessing at here. For the full picture including that, see the full retirement drawdown tool.

Where the refund number comes from

This uses the real 2026 federal and provincial tax brackets — including surtax for Ontario — applied to your actual income, not a flat assumed percentage. Your refund is the difference between what you'd owe on your income alone versus what you owe after your RRSP contribution reduces your taxable income, calculated at your real marginal rate for each dollar contributed, up to the actual annual deduction limit — the lesser of 18% of your income or the 2026 dollar cap.

Want your real contribution room, employer matching, and this refund math all connected to your actual numbers?

Try the full tool →

Deciding between a TFSA and an RRSP first? Read the real answer, not "it depends" →