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How do I calculate how much money to contribute to my RRSP?

Use TurboTax’s RRSP Optimizer is see how much money you should put into your RRSP this year to get your biggest refund.

With TurboTax Online you pay when you file, so there’s no risk in giving it a try!

Simply log in and follow the steps until you get to the RRSP section of TurboTax. The more information you enter, the more accurate the RRSP calculator will be.

Optimize your RRSPs on TurboTax Online

What is an RRSP?

RRSP stands for Registered Retirement Savings Plan, which is a special account designed for helping you save and invest towards your retirement. RRSPs are controlled by the Government of Canada, which means that they - and the people who contribute to them - are eligible for special tax benefits.

Why should I contribute to an RRSP?

Contributing to an RRSP and using its tax deductions to your advantage is a simple way to save smartly today - while always keeping an eye toward the future you want. Although RRSPs are designed with retirement in mind, contributing to an RRSP throughout your working career comes with many benefits:

Tax Benefits

You can deduct the amount of your RRSP contribution from your gross (before taxes) income, reducing any income tax that you may pay

Here's an example: If you earned $70,000 this year, and contributed $5000 to an RRSP, you can deduct that $5000 from your taxable income. So you don't have to pay any tax on that $5000.

Tax Protection

As long as your RRSP sits in its account, it's exempt from taxes. That means that its total value can quickly grow.

If you withdraw $5000 from your RRSP, that $5000 becomes taxable income. However, if you leave it in your RRSP, then it isn't taxable, and it can continue to increase in value.

Peace of Mind

Take comfort in knowing that you've protected yourself for the future and that should you ever need money now, your RRSP is there.

Picture your perfect retirement. Contributing to an RRSP early and often can help you reach your retirement goals with security and confidence.

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