Free tool · Canada 2025
RRSP Tax Refund Calculator
See how much tax you'll get back from an RRSP contribution — and what it really costs you after the refund.
Estimated tax refund
$2,965
Net cost of contribution
$7,035
Refund rate
29.6%
Marginal tax rate
29.6%
Contributing $10,000 to your RRSP lowers your taxable income, saving about $2,965 in tax — so it effectively costs you $7,035.
Estimate for tax year 2025 (federal + provincial). Assumes the contribution is within your RRSP deduction limit. Doesn't account for other credits or income types. Not tax advice.
How the refund works
An RRSP contribution is deducted from your taxable income, so you get back tax at your marginal rate. Contribute in a high-income year for a bigger refund; the money grows tax-sheltered until you withdraw it in retirement.
Watch your contribution room
Your RRSP room is 18% of last year's earned income (up to an annual max), minus any pension adjustment. Your exact room is on your CRA My Account and Notice of Assessment.
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