How much can I save with an RRSP contribution?

Your RRSP tax savings equal your contribution multiplied by your combined federal and provincial marginal tax rate. For example, contributing $18,000 at a 43% marginal rate saves approximately $7,740 in taxes.

What is the RRSP contribution limit for 2024?

The 2024 RRSP contribution limit is 18% of your 2023 earned income, up to a maximum of $31,560. Your personal limit is shown on your CRA Notice of Assessment or in My CRA Account.

What is an FHSA and how much can I contribute?

The First Home Savings Account (FHSA) is for first-time homebuyers. You can contribute up to $8,000 per year with a $40,000 lifetime maximum. Contributions are fully tax-deductible, just like RRSP contributions.

Are these tax calculations accurate?

MapleSavings uses 2024 federal and provincial tax brackets to estimate your savings. Results are estimates for informational purposes. Your actual tax owing may differ. Consult a tax professional for personalized advice.

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Available RRSP Room

FHSA Room (First-Time Buyers)

Annual max: $8,000 · Lifetime max: $40,000

Annual FHSA contribution is capped at $8,000.

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Your Tax Savings Breakdown

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Your Potential Tax Savings

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FHSA Savings: $0

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Tax Bracket Breakdown

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How RRSP & FHSA Contributions Change Your Tax Bill

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Optimized

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By contributing to your RRSP and FHSA, you could save an additional $0 this tax year.

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Your Personalized Tax-Saving Opportunities

Based on your income and province, here are your top strategies — ranked by potential savings.

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Free Canadian RRSP & FHSA Tax Calculator

Your Tax Savings Breakdown

Tax Bracket Breakdown

How RRSP & FHSA Contributions Change Your Tax Bill

Your Personalized Tax-Saving Opportunities

RRSP & FHSA Tax Savings — Frequently Asked Questions

How much can I save with an RRSP contribution?

What is the RRSP contribution limit for 2024?

What is an FHSA and how much can I contribute?

Are these tax calculations accurate?

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