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RRSP Tax Refund Calculator

↻ Updated 2026

See the tax refund an RRSP contribution generates — the drop in your combined federal and provincial tax when the contribution is deducted from your income — and the real net cost of contributing.

Educational calculators — always consult a licensed professional before making financial decisions.

Your inputs

Annual income

RRSP contribution

Province / territory

Estimated tax refund

$2,965

29.6% of your contribution

Net cost of contribution

$7,035

after the refund

Marginal rate saved

29.6%

combined fed + prov

Real cost of your RRSP contribution

Refunded by CRA$2,965

Out of pocket$7,035

Tax before vs after

Tax on full income$16,055

Tax after deducting $10,000$13,090

Tax saved (your refund)$2,965

ASSUMPTIONS — The refund is the drop in your 2026 federal plus Ontario income tax when the RRSP contribution is deducted from taxable income. Only the basic personal amount credit is modelled — other credits, CPP/EI, and provincial surtaxes are not. Your contribution can't exceed your available RRSP room; the actual refund depends on your full return. Contribution is capped at your income here.

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