RRSP Guide 2026
Everything you need to know about maximizing your Registered Retirement Savings Plan this year.
$32,490
2026 Limit
Mar 3
2026 Deadline
18%
Of Earned Income
What is an RRSP?
A Registered Retirement Savings Plan (RRSP) is a tax-advantaged account designed to help Canadians save for retirement. The money you contribute reduces your taxable income for the year, and your investments grow tax-free until you withdraw them.
💡 Quick Tip
If you're in a high tax bracket now but expect to be in a lower one in retirement, RRSPs can save you significant money on taxes.
2026 Contribution Limits
For 2026, you can contribute up to $32,490 or 18% of your earned income from the previous year—whichever is less. Plus any unused contribution room from previous years.
Deadline: March 3, 2026 for contributions that count toward your 2025 tax return.
Key Benefits
- ✦Tax deduction: Contributions reduce your taxable income
- ✦Tax-deferred growth: Investments grow without being taxed until withdrawal
- ✦Home Buyers' Plan: Withdraw up to $60,000 tax-free for your first home
- ✦Lifelong Learning Plan: Withdraw up to $20,000 for education
RRSP vs TFSA: Which First?
Generally, if your income is over ~$50,000, prioritize your RRSP for the tax deduction. If you're in a lower tax bracket, a TFSA might be better since withdrawals are completely tax-free.
🍁 Canadian Pro Tip
Check your Notice of Assessment from the CRA to find your exact RRSP contribution room. You can also log into your CRA My Account online.