RRSP Refund Calculator 2026
Uses the 2026 federal and provincial tax brackets published by CRA. Results update as you type.
Your refund for the same contribution in every province
Estimate only. Includes federal and provincial tax, basic personal amounts, the Ontario surtax and the Ontario Health Premium. It doesn't include other credits (such as CPP, EI or medical) or tax already withheld at work, so your actual refund can differ. Quebec is not included. Not tax advice.
RRSP Refund on a $5,000 Contribution, 2026
Estimated tax saved by province and income, using 2026 tax brackets. The provinces where we are licensed.
| Province | $60,000 income | $90,000 income | $150,000 income |
|---|---|---|---|
| Ontario | $1,254 | $1,483 | $2,170 |
| British Columbia | $1,181 | $1,410 | $2,035 |
| Alberta | $1,196 | $1,525 | $1,800 |
| Saskatchewan | $1,421 | $1,650 | $1,925 |
| Manitoba | $1,434 | $1,663 | $2,170 |
| New Brunswick | $1,496 | $1,725 | $2,100 |
| Nova Scotia | $1,544 | $1,859 | $2,175 |
Use Your RRSP for a Home or for School
The Home Buyers' Plan and Lifelong Learning Plan let you take money out of your RRSP tax-free, as long as you pay it back on schedule.
How an RRSP Works in 2026
- Limit: 18% of your 2025 earned income, up to $33,810, minus any pension adjustment, plus unused room. The 2027 limit is $35,390.
- Deadline: contribute by March 1, 2027 to deduct it on your 2026 return.
- Refund: your contribution × your marginal tax rate, roughly. Higher income, bigger refund.
- Growth: no tax while the money stays in the RRSP.
- Withdrawals: taxed as income, with 10%, 20% or 30% withheld (outside Quebec), and the room is lost, except under the Home Buyers' Plan and Lifelong Learning Plan.
- Age 71: convert to a RRIF or an annuity by December 31 of the year you turn 71.
We set up RRSPs with segregated funds and guaranteed interest options from Canadian insurance companies. Segregated funds guarantee 75% to 100% of your deposits at maturity or death, and the money goes straight to your named beneficiary.
How segregated funds workPut your RRSP refund into a TFSA or FHSA. Check your room and growth with our other calculators.
TFSA, FHSA and growth calculatorsRRSP Questions, Answered
How much tax refund will I get from my RRSP?
Your refund is roughly your RRSP contribution multiplied by your marginal tax rate. For example, a $5,000 contribution at $90,000 of income in Ontario saves about $1,483 in 2026 tax. The calculator on this page works it out for every province using 2026 CRA tax brackets.
What is the RRSP contribution limit for 2026?
18% of your 2025 earned income, up to a maximum of $33,810, minus any pension adjustment, plus unused room carried forward from earlier years. Your exact limit is on your notice of assessment and in CRA My Account. The 2027 dollar limit is $35,390.
What is the RRSP deadline for the 2026 tax year?
Contributions made by March 1, 2027 (the first 60 days of 2027) can be deducted on your 2026 tax return.
What is my marginal tax rate?
It is the combined federal and provincial tax on your next dollar of income. In 2026 the federal rate starts at 14% and Ontario's at 5.05%, so the combined rate at $80,000 in Ontario is 29.65%. Enter your income in the calculator to see yours.
Can I use my RRSP to buy a home?
Yes. The Home Buyers' Plan lets a first-time buyer withdraw up to $60,000 tax-free from an RRSP. For first withdrawals from 2026 to 2028, repayments start in the fifth year after the withdrawal and are spread over 15 years. A couple can each withdraw $60,000, and you can combine it with an FHSA.
Can I use my RRSP to go back to school?
Yes. The Lifelong Learning Plan lets you withdraw up to $10,000 a year, and up to $20,000 in total, to pay for full-time training or education for you or your spouse or common-law partner. You repay it to your RRSP, generally over 10 years.
What happens if I don't make a Home Buyers' Plan or LLP repayment?
The amount you were supposed to repay that year is added to your taxable income for the year.
What happens when I withdraw from my RRSP?
The withdrawal is taxed as income. Your bank withholds 10% on up to $5,000, 20% on $5,001 to $15,000 and 30% over $15,000 (outside Quebec), and the contribution room is lost, except under the Home Buyers' Plan and Lifelong Learning Plan.
Should I contribute to an RRSP or a TFSA?
The RRSP usually wins when your tax rate today is higher than it will be in retirement. The TFSA usually wins when your income is lower or you may need the money soon. Many people do both: contribute to the RRSP and put the refund in a TFSA.
What can I hold inside my RRSP?
An RRSP can hold many kinds of investments. At Insure In Canada we set up RRSPs with segregated funds and guaranteed interest options from Canadian insurance companies, which add a 75% to 100% guarantee on deposits at maturity or death and let you name a beneficiary.
What happens to my RRSP at age 71?
By December 31 of the year you turn 71 you must convert your RRSP to a RRIF, buy an annuity, or withdraw it. A direct transfer to a RRIF has no withholding tax.
Where These Numbers Come From
- CRA: 2026 federal and provincial tax rates
- CRA: T4127 Payroll Deductions Formulas, Jan 2026 (basic personal amounts, Ontario surtax and health premium)
- Government of Nova Scotia: 2026 tax rates and basic personal amount
- CRA: RRSP dollar limits
- CRA: What is the Home Buyers' Plan
- CRA: Lifelong Learning Plan withdrawals
- CRA: Tax rates on RRSP withdrawals
Last reviewed October 17, 2026 by Pankaj Bhatia, PFA, CHS. General information only, not tax advice. Segregated funds and annuities are insurance products issued by life insurance companies.
Beat the March 1, 2027 RRSP deadline
Open or top up your RRSP with a licensed advisor, and plan your Home Buyers' Plan or LLP the right way.