RRSP Tax Refund Calculator 2026
See how much income tax your RRSP contribution saves for the 2026 tax year. The calculator works out your federal and provincial tax with and without the deduction, using the 2026 CRA and Revenu Québec brackets and the main credits, so you see the real saving, not just a bracket rate.
This calculator shows the tax saving. The spreadsheet (Excel / Google Sheets) keeps you inside your limits:
- RRSP deduction room for the Mar 3, 2026 – Mar 1, 2027 window, with the $2,000 over-contribution buffer
- TFSA and FHSA room on the same summary page, with red warnings
- a log for every deposit by date and institution
- a blank file plus a filled example, works offline
How the RRSP saving is calculated
An RRSP contribution is a deduction: it lowers your taxable income, so the saving is the tax you would pay on the top slice of your income. The calculator runs your 2026 return twice, once without and once with the deduction, and shows the difference. It uses the 2026 federal brackets (14% to 33%) and basic personal amount, the Canada employment amount, CPP or QPP and EI credits, and the provincial rules: Ontario surtax, tax reduction, LIFT credit and Health Premium; the BC tax reduction; Alberta's 2026 brackets; and for Quebec, the Quebec brackets, the $18,952 basic amount, the deduction for workers and the 16.5% federal abatement.
A large contribution can drop you through several brackets, so the saving per dollar can be lower than your top marginal rate. The refund you actually receive also depends on how much tax was withheld from your pay.
Self-employed? Try the freelancer set-aside calculator. Version française.
Frequently asked questions
How much tax will my RRSP contribution save in 2026?
Roughly your combined federal and provincial marginal rate times the amount you deduct, as long as the deduction stays within one bracket. For example, an Ontario employee earning $80,000 who deducts $10,000 saves about $3,115: 29.65% of $10,000 plus $150 less Ontario Health Premium.
What is the RRSP limit for 2026?
Your 2026 deduction limit is 18% of your 2025 earned income up to $33,810, minus pension adjustments, plus unused room carried forward. The exact figure is on your 2025 notice of assessment or in CRA My Account.
What is the deadline to contribute for the 2026 tax year?
Contributions made from January 1, 2026 to March 1, 2027 can be deducted on your 2026 return (contributions in the first 60 days of 2026 can also be used for 2025).
Is the RRSP saving a refund?
Only if enough tax was withheld from your pay. The deduction lowers the tax you owe; if your employer withheld more than the new amount, the difference comes back as a refund. If you are self-employed, it reduces your balance owing.
Why is my saving lower than my marginal tax rate?
A large deduction can push your taxable income down into a lower bracket, so part of it is saved at a lower rate. Some credits, like the Ontario tax reduction or the BC tax reduction, can also change as your income drops.
Does the RRSP deduction lower CPP, QPP or EI?
No. CPP, QPP and EI are based on your earnings before the RRSP deduction, so they don't change.
Should I deduct my RRSP contribution this year or carry it forward?
You can contribute now and deduct later. If you expect to be in a higher bracket next year, waiting to deduct can increase the saving. This calculator shows the saving if you deduct it on your 2026 return.
Sources
- CRA: Current year tax rates and income brackets (2026)
- Revenu Québec: Income tax rates 2026
- CRA: MP, DB, RRSP, DPSP, TFSA limits, YMPE and YAMPE (RRSP dollar limit $33,810 for 2026)
- CRA: T4127 Payroll Deductions Formulas (July 2026), provincial credits, Ontario surtax and Health Premium, BC tax reduction
- CRA: How much can you contribute and deduct (RRSP)
- Finances Québec: Le régime d'imposition 2026 (montant personnel de base, déduction pour travailleurs)
Not tax advice. Estimate for 2026 using CRA and Revenu Québec rates published as of October 18, 2026, for a single person with employment and other income and no other credits. Covers Ontario, Quebec, British Columbia and Alberta only. Ignores the age amount, pension, dividends, capital gains, refundable credits and benefits that depend on income (such as the GST/HST credit or the Canada child benefit), which can make the real benefit larger.