Limit by year
The lower of 18% of your previous year’s earned income and the yearly limit, plus unused room: $35,390 for 2027, $33,810 for 2026, $32,490 for 2025, $31,560 for 2024 and $30,780 for 2023.
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Free tool · 2026
RRSP Calculator
See how much you can contribute this year, how much your retirement savings can grow, how much tax you get back and what happens if you withdraw money early.
Your RRSP year by year
Projection based on your inputs. Hover over the chart to see each year.
| Age | Balance at start of year | Contributions this year | Balance + contributions | Interest this year | Withdrawal | Total RRSP | Tax refund |
|---|
Illustrative projection; not financial advice. Assumes a constant return, contributions at the end of each period, your 2026 income and tax rates for every year, and the early withdrawal at the end of the selected year. Withholding is a prepayment: your final tax is calculated when you file. Check your exact room on your notice of assessment or in CRA My Account.
Official sources: CRA: RRSP limits · CRA: deduction limit · CRA: tax withheld on withdrawals · Revenu Québec: payments from an RRSP · Sun Life: RRSP contribution limit · FP Canada / IQPF: 2026 Projection Guidelines
Your contribution limit
What to know about your RRSP limit
Frequently asked questions about how much, when and until what age you can contribute.
How do I know my room?
Check your notice of assessment (NOA), which the CRA sends every year after processing your return, or sign in to CRA My Account. Your room depends on last year’s income, unused room, your pension adjustment and whether you over-contributed in previous years.
Deadline
To deduct on your 2025 return, the last day was March 2, 2026; for your 2026 return, it is March 1, 2027. If you contribute later, the deduction moves to the following year. Contribute a few business days early so your institution can process it.
If you over-contribute
Up to $2,000 of excess is penalty-free, but not deductible until you have room. Above $2,000 you pay 1% per month on the excess until you withdraw it or have room. If you are under 18, there is no buffer: the 1% applies to the whole excess.
Minimum and maximum age
There is no minimum age: you just need room, which comes from earned income. Some investments, such as mutual funds, and the HBP require the age of majority in your province. Your last contribution to your own RRSP is December 31 of the year you turn 71; to your spouse’s RRSP, until the year your spouse turns 71.
RRSP loans and saving the deduction
A loan to contribute can help you use unused room, but its interest is not tax-deductible. And you do not have to deduct your contributions in the same year: you can save the deduction for a year when your income, and your rate, are higher.
Official sources: CRA: RRSP limits · CRA: deduction limit · Sun Life: RRSP contribution limit
Quick guide
RRSP essentials
The Registered Retirement Savings Plan is one of the most powerful tools to pay less tax and build your retirement. Here is what you need to know.
It helps you
Save for retirement while paying less tax today. You can also use it to buy your first home through the Home Buyers’ Plan (HBP), up to $60,000, or to pay for education through the Lifelong Learning Plan (LLP), up to $10,000 a year and $20,000 in total.
Eligibility
Canadian residents with earned income (employment or business) who file a tax return. You can contribute to your RRSP until December 31 of the year you turn 71, and to your spouse’s RRSP until the year your spouse turns 71.
Annual contribution limit
18% of your previous year’s earned income, up to $33,810 for 2026 ($35,390 for 2027), minus your pension adjustment if you have an employer plan. Unused room carries forward; your exact limit is on your notice of assessment and in CRA My Account. Over-contributions above $2,000 are taxed at 1% per month.
Tax impact of contributions
Every dollar you contribute is deducted from your taxable income, so you save at your marginal rate: at a 36% rate, contributing $5,000 cuts your tax by about $1,800. You can contribute now and save the deduction for a higher-income year. Check it above with your annual income.
Impact of contributions on withdrawals
Your investments grow tax-free while inside the plan, but everything you withdraw is added to that year’s income and taxed at your rate at the time. Contribution room you used is not restored when you withdraw, except for the HBP and LLP, which are repaid to the plan (the HBP over up to 15 years).
Contribution deadline
To deduct it on your 2026 return, contribute by March 1, 2027: contributions made in the first 60 days of the following year count. Your last contribution to your own RRSP is December 31 of the year you turn 71.
Impact on government benefits
By lowering your net income, the deduction can increase income-tested benefits such as the Canada Child Benefit (CCB), the GST/HST credit and, in Quebec, the solidarity tax credit and the Family allowance. Withdrawals do the opposite: they add income and can reduce those benefits or the federal supplement for low-income seniors (GIS), and trigger the Old Age Security (OAS) recovery tax.
Things to consider before withdrawing
Your institution withholds tax at the time of withdrawal: 10% up to $5,000, 20% from $5,000 to $15,000 and 30% over $15,000 (in Quebec: 5%, 10% and 15% federal, plus 14% Quebec). It is only a prepayment: if your rate is higher, you pay the difference when you file. It is best to withdraw in lower-income years, such as retirement. At 71, your RRSP must become a RRIF or an annuity.
Official sources: CRA: RRSP limits · CRA: contributions and deduction limit · CRA: tax withheld on withdrawals · Revenu Québec: payments from an RRSP
How much should you put in your RRSP?
The answer depends on your income, your retirement plan and how you combine your RRSP with your TFSA and FHSA. Book a free consultation and let’s design your strategy together.
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