RRSP Savings Calculator (2024)

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Save more. Save better

Speak with an RRSP expert today

Would you like to invest your money in an RRSP and calculate your return in 10, 20, or 30 years or at retirement?

This tool allows you to see how much will be in your RRSP and the amount you earn! It will help you calculate how much you should contribute to your RRSP?

How to calculate how much my RRSP will be worth?

It's easy to find out how much your RRSP will earn. Use our RRSP calculator above. Our tool calculates your total RRSP savings based on a few variables:

  • Present value of your RRSP
  • Rate of return on your RRSP
  • Amount of contributions and frequency
  • Your age, number of years until retirement etc.

Good to know

Always keep in mind that the sooner you contribute to your RRSP, the more your RRSP will grow.

Frequency is also an important factor: be diligent about making your RRSP contributions.

Contributing monthly, for example, is not too demanding but a steady pattern of investment that will give you an attractive retirement income.

To learn more about RRSP investing, contact our expert.

Save more. Save better

Speak with an RRSP expert today

How much can I contribute into an RRSP?

You can contribute up to 18% of earned income from the previous tax year up to a maximum of $29,210 (for 2022, this number changes annually). It all depends on you and your future needs. The more you contribute to your RRSP, the more your investment will have grown over the years. The amount is not the only variable to take into account, you have to take into account your age, frequency of contributions, etc. In general, the earlier and more aggressively you pay into your RRSP, the more it can grow before retirement.

If you contribute to a group RRSP, your contributions will be deducted directly from your paycheque, which will generate tax credits.

RRSP contribution calculation: what will be the return on your RRSP?

Your RRSP returns depend on several factors:

  • your age
  • the age at which you started contributing to an RRSP
  • the amount contributed
  • how often you contribute
  • the rate of return.

How do I calculate my RRSP return?

In this table, here are some examples of the returns that can be obtained depending on the different variables indicated in the table:

Amount investedAge at investmentRate of return (%)Retirement ageContribution totalReturn total Total account balance
$200 per month
305 60 $72,000$91,740$163,740
$50 per month
305 70 $24,000$50,428$74,428
$150 per month
45 5 70 $54,000$68,805$122,805
$400 per month
455 60 $96,000$66,983$162,983
$25 per month
205 60 $15,000$49,493$64,493
Example of RRSP returns

With our RRSP calculator, you can enter your situation: i.e. the amount you wish to contribute, the return, the desired age at retirement, and the age at investment and you will have an idea of what you will have saved in total within your RRSP. Don't forget that at age 71, you will have to think about converting your RRSP into an RRIF.

How can I withdraw my RRSP without paying tax?

That's the million-dollar question! To withdraw money early from your RRSP without paying tax, you must use the money for a specific purpose:

  • RRSP HBP: buying a house
  • Lifelong Learning Plan (LLP): returning to school

In these two cases, your RRSP withdrawals will not be taxable.



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Nishadh Mohammed
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Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.