How I Used the RRSP Room Calculator to Plan My Contribution and Refund

My situation

I had a rough idea of my previous year's income and I knew I had some carry-forward room from my Notice of Assessment, but I didn't know my total available RRSP room or what my tax refund would be if I contributed a specific amount. I found TrackMoola's RRSP Contribution Room Calculator and entered my previous year's earned income, pension adjustment (from my T4), and unused carry-forward room. I also selected my province so the refund estimate would use the right tax rates.

What the calculator showed

The tool showed my total available room (new room plus carry-forward), the breakdown (18% of income capped at the annual maximum, minus PA, plus carry-forward), and when I entered a planned contribution of $10,000, it showed an estimated tax refund based on my marginal rate. It also warned me when I tried an amount above my room that I could face a penalty. That helped me decide to contribute exactly my available room and use the refund to pay down other debt.

What I did

I contributed up to my limit before the deadline and used the How-To Guide to confirm where to find my pension adjustment and carry-forward on my CRA documents. The refund estimate was close to what I actually received when I filed. The calculator is for estimation only—actual refunds depend on your full return.

Try it yourself

Use the RRSP Room Calculator with your income, PA, carry-forward, and province. Enter a planned contribution to see an estimated refund. Verify your official limit on your CRA Notice of Assessment. This tool is for educational purposes only; we are not liable for any tax or contribution decisions.

Related: TFSA Room Calculator, FHSA Room Calculator, RRSP Loan Calculator, Should You Take an RRSP Loan?.