RRSP Contribution Room Calculator
The Registered Retirement Savings Plan (RRSP) is designed to help Canadians save for retirement while lowering their current tax bill.
Contributions are tax-deductible (reducing your income tax today), and investments grow tax-deferred until you withdraw them in retirement (when your tax rate is likely lower).
Pre-tax income from employment, self-employment, etc.
From your latest Notice of Assessment.
Estimated 2026 Contribution Room
Your 2026 RRSP room is based on your 2025 earned income.
Stop guessing your limits
Avoid penalties and maximize your tax-free savings. BalanceWise tracks your exact carry-forward room so you never over-contribute.
Sign UpSign UpWhen to use it?
The RRSP is ideal when you're in your peak earning years.
- High income bracketDeduct contributions now to get a large refund, then withdraw in retirement at a lower rate.
- Company matchingAlways take advantage of employer matching programs—it's free money.
Pitfalls to Avoid
An RRSP is a long-term commitment. Know the rules before you lock money away.
Unlike a TFSA, money taken out of an RRSP is treated as taxable income in the year you withdraw it. It is NOT for emergencies!
You must convert your RRSP to a RRIF or buy an annuity by the end of the year you turn 71, forcing you to start taking taxable income.
Home Buyers' Plan (HBP)
First-time home buyers can withdraw up to $60,000 from their RRSP tax-free to buy or build a qualifying home. However, this is a loan to yourself—you must repay it into your RRSP over 15 years to avoid penalties.
Official Sources & Disclaimer
Disclaimer: The information provided on this page and by this calculator is for educational and informational purposes only and does not constitute financial, legal, or tax advice. We make no representations, warranties, or guarantees, whether express or implied, regarding the accuracy, completeness, or timeliness of the information.
Rules and limits can change. Pension adjustments (PA, PAR, PSPA) can be complex. Always verify your specific contribution room directly with the Canada Revenue Agency (CRA) via your My Account portal or latest Notice of Assessment.