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RRSP Calculator
Calculate RRSP growth and tax savings in Canada
RRSP Details
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Max 18% of income or $31,560 (2024)
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Your current tax bracket
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Expected rate at withdrawal
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RRSP Projection
Enter your RRSP details
Project your retirement savings
RRSP Guide
RRSP Contribution Limits 2024
- 18% of previous years earned income
- Maximum: $31,560
- Unused room carries forward
- Deadline: March 1 for prior year
Tax Benefits
- Contributions are tax-deductible
- Investment growth is tax-deferred
- Withdrawals taxed as income
- Best when tax rate drops in retirement
RRSP vs TFSA
- RRSP: Best for high earners who expect lower retirement tax
- TFSA: Best for lower earners or flexible savings
- TFSA withdrawals dont affect OAS/GIS
- RRSP contributions create immediate tax savings
Special RRSP Programs
- HBP: Withdraw up to $35,000 for first home
- LLP: Withdraw for education (repay over 10 years)
- Spousal RRSP: Income splitting strategy
Withdrawal Rules
- Must convert to RRIF by end of year turning 71
- Minimum withdrawals required from RRIF
- Early withdrawal = full tax + withholding
- Withholding: 10% up to $5K, 20% $5K-$15K, 30% over $15K
Disclaimer: This calculator is for informational purposes only and should not be considered financial, tax, or legal advice. Results are estimates based on the information provided and current tax laws. Consult a qualified professional for advice specific to your situation.
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