Calculate your available RRSP room and see your potential tax refund.
Your contributions exceed your available room beyond the $2,000 lifetime buffer. The CRA charges 1% per month on excess over $2,000.
Each year, you earn new RRSP room equal to 18% of your previous year’s earned income, up to an annual dollar maximum ($32,490 for 2025). Any room you don’t use carries forward indefinitely, so long-time earners can accumulate substantial room. If you belong to a workplace pension plan, your Pension Adjustment reduces the new room you earn.
Contributing to your RRSP gives you a tax deduction that can generate a meaningful refund — the higher your marginal tax rate, the bigger the benefit. The CRA permits a $2,000 lifetime over-contribution buffer, but anything beyond that is penalized at 1% per month.
Disclaimer: This calculator provides estimates only. For your official RRSP deduction limit, refer to your latest Notice of Assessment or CRA My Account. The refund estimate is based on the marginal rate you select and does not reflect your complete tax situation. Consult a tax professional for advice specific to your circumstances.