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§ Calculator · Tax

RRSP refund estimator

What this is

Your tax refund from an RRSP contribution

An RRSP contribution reduces your taxable income. You get back the tax you would have paid at your MARGINAL rate. A $10k contribution at 43% marginal = a $4,300 refund.

  • ·Your marginal rate is the highest bracket your last dollar lands in (federal + provincial combined).
  • ·High-income years are the best time to contribute, biggest refund per dollar.
  • ·Net cost of contribution = contribution − refund. So $10k in, $4.3k refund, $5.7k true cost.

Federal refund

$3,075

Provincial refund

$1,457

Total refund

$4,532

Net cost

$10,468

Marginal rate at this income: 31.7% · Effective refund: 30.2%.

Educational. Not financial advice. Refund assumes you have RRSP contribution room. Filing in February gives best cash-flow benefit (refund within ~2 weeks via NETFILE).

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Disclaimer

Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.