Project the growth of your Registered Retirement Savings Plan (RRSP) balance based on your current savings, contributions, and expected return.
2025 RRSP contribution limit (example)
This calculator projects the growth of a Registered Retirement Savings Plan (RRSP) balance from your current age to your planned retirement age, based on your current balance, annual contribution, and an expected annual rate of return, compounding monthly.
This calculator divides your annual contribution into equal monthly amounts and compounds your balance monthly: each month, growth is calculated on the current balance and added, and then the monthly contribution amount is added.
Formula: Each month, Growth = Balance × (Annual Return ÷ 12); Balance = Balance + Growth + (Annual Contribution ÷ 12). Final Balance = Balance after (Years to Retirement × 12) months. Total Growth = Final Balance − Total Contributions (Current Balance + sum of all monthly contributions).
Example: Starting with a CA$10,000 RRSP balance at age 30, contributing CA$7,000 per year until retirement at 65 (35 years), at an expected 6% annual return (example rate — enter your expected rate), the RRSP would grow to about CA$912,317 - total contributions of CA$255,000 plus growth of roughly CA$657,317 from compounding investment returns. (Note: this example is for illustration purposes only - actual results depend on actual returns achieved and contribution room available.)
A Registered Retirement Savings Plan is one of Canada's two main tax-advantaged savings vehicles (alongside the TFSA - see our TFSA Calculator). RRSP contributions are tax-deductible, reducing your taxable income in the year you contribute (see our Income Tax Calculator to estimate the impact), and investment growth inside the RRSP is tax-deferred - you don't pay tax on gains, dividends, or interest until you withdraw funds, typically in retirement when your income (and tax rate) may be lower. Your RRSP contribution room is generally 18% of your previous year's earned income, up to an annual maximum that's indexed each year (for 2025, the limit was CA$32,490), plus any unused room carried forward from prior years - over-contributing beyond your limit (by more than a small buffer) can trigger a penalty tax. Withdrawals from an RRSP are taxed as regular income in the year withdrawn, with withholding tax deducted at source. Two notable exceptions let you withdraw tax-free if repaid on schedule: the Home Buyers' Plan (HBP), which allows first-time home buyers to withdraw up to a set limit for a down payment, and the Lifelong Learning Plan (LLP), for funding education. By age 71, an RRSP must be converted to a Registered Retirement Income Fund (RRIF) or annuity, which then requires minimum annual withdrawals (see our RRIF Calculator). Couples can also use spousal RRSPs to help balance retirement income between partners and potentially reduce overall household tax in retirement.
Your RRSP contribution room is generally 18% of your previous year's earned income, up to an annual dollar maximum set by the CRA each year (CA\$32,490 for 2025), plus any unused contribution room carried forward from previous years. You can find your exact current room on your CRA My Account or your most recent Notice of Assessment.
RRSP contributions are deducted from your taxable income in the year you claim them, which can reduce the income tax you owe or increase your refund - see our Income Tax Calculator to estimate the effect. Investment growth inside the RRSP is also tax-deferred, meaning you don't pay tax on gains until you withdraw the money, typically in retirement.
Withdrawals from an RRSP are added to your income and taxed at your marginal rate in the year you withdraw, with withholding tax deducted at the time of withdrawal (the withholding rate depends on the withdrawal amount, and any difference is reconciled when you file your tax return). The Home Buyers' Plan and Lifelong Learning Plan are exceptions that allow tax-free withdrawals if the amounts are repaid on schedule.
It depends on your current and expected future tax rates. RRSPs tend to be more beneficial if you expect to be in a lower tax bracket in retirement than now, since you get a deduction now and pay tax later at a (hopefully) lower rate. TFSAs can be more beneficial if you expect similar or higher future tax rates, since withdrawals are never taxed. Many people use both - see our TFSA Calculator to compare.
By the end of the year you turn 71, your RRSP must be converted to a Registered Retirement Income Fund (RRIF), an annuity, or withdrawn as a lump sum (which would trigger a large tax bill). A RRIF requires you to withdraw a minimum percentage of the balance each year, which is added to your taxable income - see our RRIF Calculator for projections.
A spousal RRSP is an RRSP registered in your spouse or common-law partner's name, but to which you contribute (using your own contribution room). It's used to help balance retirement savings and income between partners, which can reduce overall household tax in retirement by avoiding one partner having a much larger RRIF income than the other. Withdrawal attribution rules apply if withdrawals happen too soon after a contribution.
Disclaimer: The information, rates, and figures provided on this page are for educational and illustrative purposes only and do not constitute financial or tax advice. The expected return rate used is an example only and does not represent a guaranteed or likely return for any investment - investment values can fall as well as rise. RRSP contribution limits, tax rules, and withholding rates are set by the CRA and can change - always verify your current contribution room and consult a qualified financial adviser or tax professional for advice specific to your situation.