2026 limits and dates
| RRSP dollar limit for 2026 | $33,810 |
| Room earned | 18% of 2025 earned income |
| Contribution deadline for 2026 | March 1, 2027 |
| Over-contribution buffer | $2,000, then 1% a month |
| FHSA annual / lifetime limit | $8,000 / $40,000 |
Tax savings by salary, Ontario 2026
Tax saved for each contribution amount. Pick your province in the calculator for your own figure.
| Salary | $2,000 | $5,000 | $10,000 | $20,000 |
|---|---|---|---|---|
| $50,000 | $531 | $1,103 | $2,055 | $4,110 |
| $70,000 | $593 | $1,483 | $2,965 | $5,146 |
| $90,000 | $593 | $1,483 | $2,965 | $6,080 |
| $120,000 | $859 | $1,995 | $3,689 | $6,863 |
| $160,000 | $899 | $2,248 | $4,479 | $8,820 |
| $220,000 | $965 | $2,413 | $4,826 | $9,803 |
How the RRSP refund works
- Your RRSP or FHSA contribution is deducted from your income, so you pay tax on less.
- The tax saved is roughly your marginal rate times the contribution. Large contributions can reach a lower bracket, where each dollar saves less.
- The savings show up as a bigger refund or a smaller balance owing when you file. You can also ask your employer to deduct less tax during the year with form T1213.
- RRSP withdrawals are taxed as income later, ideally when your rate is lower. FHSA withdrawals for a first home are tax-free.
Frequently asked questions
How much tax will I save with an RRSP contribution?
About your marginal tax rate times the contribution, as long as the deduction stays in your top bracket. With a $100,000 salary in Ontario, a $10,000 contribution saves about $2,991 in 2026. Larger contributions can drop part of your income into a lower bracket, where each dollar saves less.
What is the RRSP deadline for 2026?
Contributions made by March 1, 2027 can be deducted on your 2026 return. Contributions made from January 1 to March 1, 2027 can be claimed for either 2026 or 2027.
What is the 2026 RRSP limit?
Your 2026 room is 18% of your 2025 earned income, up to $33,810, plus any unused room from earlier years, minus any pension adjustment. Your exact room is on your latest Notice of Assessment and in CRA My Account.
What happens if I contribute too much?
You can be up to $2,000 over your room without penalty, but you can’t deduct the excess. Anything more than $2,000 over is charged 1% a month until you withdraw it or new room covers it.
Should I use an FHSA or an RRSP?
If you are a first-time home buyer, the FHSA usually comes first: contributions are deductible like an RRSP, and withdrawals for a qualifying first home are tax-free and don’t need to be repaid. The FHSA limit is $8,000 a year and $40,000 for life.
Is it better to claim the deduction this year or later?
You can contribute now and carry the deduction forward to a year when your income, and so your tax rate, is higher. That can be worth it if you expect a raise or are on leave this year.
Sources
Rates were last verified on October 20, 2026. Savings use the same 2026 engine as our income tax calculators, checked by 57 automated tests.