Financial Tools
RRSP Growth Starter — Retirement Savings Calculator
Wondering how steady RRSP investing could actually add up by retirement? This calm RRSP calculator helps Canadian families understand how contributions and long-term growth work together over time.
- How much you may contribute between now and retirement
- How much of your final balance could come from investment growth
- What your RRSP might look like at your target retirement age
You can also explore education savings in the RESP Planner or shorter-term investing in the TFSA Contribution & Growth Calculator.
1. Enter Your RRSP Details
* This RRSP calculator is for educational purposes only and does not provide personalized financial, tax, or investment advice. Actual RRSP contribution rules, tax deductions, investment returns, fees, and retirement income outcomes will vary. Use this projection as a starting point for planning and discussion.
2. See Your Retirement Picture
A calm snapshot of how your RRSP could grow by retirement.
Retirement snapshot
Contributions vs growth
Enter your information to see the balance between saving and growth.
This projection doesn’t account for RRSP tax deductions, contribution limits, or withdrawals in retirement.
How RRSPs work in Canada
A Registered Retirement Savings Plan (RRSP) is a tax-advantaged account designed to help Canadians save for retirement. Contributions to an RRSP are generally tax-deductible, which can reduce your taxable income today, while investments inside the account grow tax-deferred until funds are withdrawn.
Because growth compounds over long periods of time, RRSPs are commonly used for long-term retirement planning rather than short-term savings goals.
What drives RRSP growth over time
RRSP balances typically grow from three main sources:
- Your contributions — the money you deposit over time
- Time — the number of years your investments are allowed to compound
- Investment growth — returns earned inside the account
This calculator focuses on helping you understand how steady contributions and time interact, rather than predicting exact future returns.
How much should you contribute to an RRSP?
There is no single “correct” RRSP contribution amount. Some families prioritize maximizing contribution room in higher-income years, while others focus on contributing a steady amount that fits comfortably within their monthly budget.
This RRSP Growth Starter is designed to help you explore different contribution levels and time horizons — not to recommend a specific strategy.
RRSPs compared to other financial priorities
RRSPs are often used alongside other tools depending on a family’s goals and timeline. For example:
- TFSAs offer tax-free growth and flexibility for shorter- or medium-term goals.
- RESPs are purpose-built for education savings and include government grants.
- Mortgage prepayments can provide a guaranteed return equal to your interest rate.
Many families benefit from seeing these options side by side before deciding where extra money is best directed.
How to use this RRSP calculator effectively
This tool works best when you:
- Use conservative, realistic return assumptions
- Explore more than one contribution scenario
- Focus on long-term trends rather than exact future dollar values
The goal isn’t to predict retirement perfectly — it’s to build clarity and confidence around how saving and time can work together.
Reminder: This calculator provides simplified projections for educational purposes only. Actual RRSP contribution rules, tax treatment, investment returns, and retirement income needs will vary. For personalized advice, consider speaking with a qualified professional.