A Registered Retirement Savings Plan (RRSP) is a registered account where contributions are deducted from taxable income. This guide covers the 2026 limit, unused room, the deadline, how a refund is estimated and how withdrawals are taxed. It is general information, not tax or investment advice.
The 2026 limit
The limit is 18% of your earned income from the previous year, up to a maximum of $33,810. For example:
- $100,000 of prior-year earned income: 18% is $18,000, which is below the maximum, so the limit is $18,000
- $200,000 of prior-year earned income: 18% would be $36,000, which is above the maximum, so the limit is $33,810
The calculator on this site has an optional field for previous-year income. If it is left blank, the calculator uses the income you entered above it. It shows a notice when a contribution is above 18% of that income or above the $33,810 maximum, and it still calculates the estimate.
Unused room
The notice does not mean the contribution is not allowed. If you have unused room from earlier years, you may be able to contribute more. The calculator cannot see this, because it only compares your entry with the public limit. Your own figure is on the Notice of Assessment in CRA My Account.
Contributions more than $2,000 above your limit are generally taxed at 1% per month.
The deadline
For the 2026 tax year the RRSP deadline is March 1, 2027. The FHSA deadline for the same tax year is earlier, on December 31, 2026. The last day to contribute to your own RRSP is December 31 of the year you turn 71.
How a refund is estimated
An RRSP contribution lowers taxable income, and the refund estimate is the tax before the contribution minus the tax after it. For the same income and amount, the estimate is the same as for an FHSA contribution. Some estimates using 2026 tax rates:
- Ontario, $70,000 of income, $5,000 contribution: about $1,482.50, or 29.65% of the contribution
- Quebec, $90,000 of income, $5,000 contribution: about $1,805.88, or 36.12%
- Ontario, $110,000 of income, $10,000 contribution: about $3,201.43, or 32.01%
- British Columbia, $220,000 of income, $20,000 contribution: about $9,218.99, or 46.09%
The rate changes because a large contribution can reach down through more than one bracket. The Ontario estimates include the Ontario surtax and the Quebec estimate includes the federal abatement. All of them leave out the Ontario Health Premium, CPP and EI, and other credits.
Withdrawals
Income earned inside an RRSP is usually exempt from tax while the funds stay in the plan, and an RRSP withdrawal is taxed as income. So the refund today and the tax on the later withdrawal are two sides of the same account, and the overall effect depends on your tax rate now and your tax rate when you withdraw. This site does not say which account is better for you. The FHSA vs RRSP and RRSP vs TFSA pages show the differences side by side.
Where to check
The limit and the maximum are published on the CRA contribution limits page.
The CRA’s Home Buyers’ Plan page explains how RRSP funds can be withdrawn to buy or build a qualifying home, currently up to $60,000, and how they are repaid. It can be used together with a qualifying FHSA withdrawal for the same home if all the conditions are met at the time of each withdrawal.