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RRSP Savings Estimate
Tax without contribution
Tax with contribution
Tax saved
Rate
Your marginal tax rate
Estimated tax savings
Frequently asked questions
How does an RRSP contribution save tax?
A contribution is deducted directly from your taxable income, so it's taxed at your marginal rate — the rate on your last dollar of income — rather than being refunded at a flat percentage.
Is the tax saved the same as a refund?
Only if enough tax was already withheld to cover it. The saving shown here is the reduction in tax owed; whether it becomes a refund depends on how much was withheld from your pay during the year.