Maximize your RRSP
contributions with TurboTax.

Calculate how much money to contribute to your RRSPs.

Use TurboTax's Canada Income Refund calculator to see how much money you should put into your RRSPs this year to get your biggest refund. Quickly estimate your 2014 refund based on your province by entering your income, paid taxes and RRSP contribution. There's nothing more important than planning for your financial future, and TurboTax wants to help you turn those dreams into reality.

Canada Income Tax Refund Calculator

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:

1. 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.

2. 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.

3. 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.

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.

Each year, you're allowed to contribute up to a maximum amount to your RRSP. The Free TurboTax RRSP Calculator can help you determine how much you should put into your RRSP account, based on your income, where you live, and tax rates.

How Can TurboTax Help With My RRSP?

In addition to the RRSP Calculator, TurboTax has a wide range of products featuring the TurboTax Toolbox - which is designed to help you maximize your income tax refund, and get the most from your RRSP account. Our products can handle any RRSP situation, and help you make the most of yours. Check out our suite of personal tax software, and find the right one for you.

Easy to use, and with step-by-step guidance, TurboTax products are guaranteed accurate¹ and guaranteed to maximize your refund².