Question 1

What is the RRSP contribution limit for 2026?

Accepted Answer

The RRSP contribution limit for 2026 is $33,810 or 18% of your 2025 earned income, whichever is less. This limit applies to contributions made for the 2026 tax year. You can contribute until March 3, 2027 (60 days after year-end). If you have unused contribution room from previous years, you can add that to your 2026 limit.

Question 2

How much will I save in taxes with an RRSP contribution?

Accepted Answer

Your tax savings from an RRSP contribution equals your contribution amount multiplied by your marginal tax rate. For example, if you contribute $10,000 and your marginal tax rate is 30%, you will save approximately $3,000 in taxes. Your marginal tax rate depends on your income level and province of residence. Higher earners see larger tax savings per dollar contributed.

Question 3

How is RRSP contribution room calculated?

Accepted Answer

Your RRSP contribution room is calculated as 18% of your previous year's earned income, up to the annual maximum ($33,810 for 2026). Any unused contribution room from previous years carries forward and adds to your current year's limit. For example, if you earned $80,000 in 2025, your 2026 room would be $14,400 (18% of $80,000), plus any unused room from prior years. Check your Notice of Assessment from the CRA for your exact contribution room.

Question 4

Does unused RRSP contribution room carry forward?

Accepted Answer

Yes, unused RRSP contribution room carries forward indefinitely. If you don't use your full contribution room in a year, it accumulates and remains available for future years. For example, if you have $15,000 in contribution room for 2026 but only contribute $5,000, the unused $10,000 carries forward to 2027, plus your new 2027 room (18% of your 2026 income). There is no deadline to use carried-forward room.

Question 5

When is the RRSP contribution deadline for 2026?

Accepted Answer

The RRSP contribution deadline for the 2026 tax year is March 3, 2027 (60 days after December 31, 2026). Contributions made between January 1, 2026 and March 3, 2027 can be claimed on your 2026 tax return. You can contribute throughout the year or wait until the deadline, but contributing earlier allows your investments more time to grow tax-free.

Question 6

What is the difference between RRSP and TFSA?

Accepted Answer

RRSPs and TFSAs are both tax-advantaged savings accounts but work differently. RRSP contributions are tax-deductible (reducing your taxable income), but withdrawals are taxed as income. TFSAs use after-tax money, but withdrawals are completely tax-free. RRSPs are better for higher earners who expect lower income in retirement, while TFSAs work well for lower earners or shorter-term savings goals. You can contribute to both if you have available room in each.

RRSP Calculator Canada

Your Information

Summary

Track Your RRSP Goals

2026 RRSP Limits

Related Calculators

TFSA Calculator

Retirement Calculator

Tax Calculator