RRSP & FHSA Refund CalculatorOntario, 2026
See how much tax an RRSP or FHSA contribution saves you for 2026, your marginal tax rate, and what the contribution really costs after the refund.
Your 2026 numbers
Ontario adds a surtax on provincial tax above $5,818 and $7,446, plus the Ontario Health Premium (up to $900), and gives low-income filers the Ontario tax reduction.
Where the refund comes from
| 2026 | Without | With | Saving |
|---|---|---|---|
| Taxable income | $83,873 | $73,873 | |
| Federal tax | $10,227 | $8,177 | $2,050 |
| Ontario tax (incl. surtax and Health Premium) | $5,324 | $4,409 | $915 |
| Total income tax | $15,551 | $12,586 | $2,965 |
CPP and EI aren't affected by RRSP or FHSA contributions you make yourself.
Refund at other RRSP amounts ($85,000 income)
How this is calculated
Uses 2026 federal, provincial and territorial tax rates, brackets and basic personal amounts, the 2026 CPP/CPP2 (QPP/QPP2 in Quebec), EI and QPIP rates and maximums, the Canada employment amount, and each province's built-in adjustments (Ontario surtax, Health Premium and tax reduction; BC tax reduction; Alberta supplemental credit; Manitoba and Yukon income-tested basic amounts). Figures come from CRA's T4127 Payroll Deductions Formulas (January and July 2026 editions) and Revenu Québec's TP-1015.F-V. BC, Newfoundland and Labrador and PEI changed rates part-way through 2026; we use the full-year 2026 figures.
We checked the engine against CRA's Payroll Deductions Online Calculator (PDOC) at 10 income levels, with and without RRSP contributions, in every province and territory (166 runs): every annual figure matched within $3, most within $0.50. Quebec provincial tax was checked by hand against TP-1015 formulas.
It assumes employment income only and the basic personal amount. It does not include other credits or deductions you may claim (tuition, medical, donations, age, pension, spouse or dependants, union dues), provincial low-income programs outside the payroll formulas (such as Ontario's LIFT credit), or other income such as investment, self-employment or capital gains. Your actual refund also depends on how much tax was withheld during the year.
Want your pay after tax instead? Try the take-home pay calculator.
RRSP and FHSA refund questions
How much will my RRSP contribution save in tax in Ontario?
Roughly your combined federal and provincial marginal tax rate times the amount you deduct. The calculator works it out exactly: it computes your 2026 tax with and without the deduction, so it captures bracket changes, surtaxes and clawbacks along the way.
Is my "refund" the same as my tax saving?
Only if your employer withheld tax on your full salary, which is the usual case for RRSP contributions you make yourself. If you contribute through payroll, the saving is already in your paycheques. If you owed tax for other reasons, the saving reduces the balance instead of creating a refund.
What is the RRSP deadline for the 2026 tax year?
March 1, 2027. Contributions made in the first 60 days of 2027 can be deducted on your 2026 return. Your room is 18% of last year's earned income up to $33,810 for 2026, plus unused room; your Notice of Assessment shows the exact figure.
How is the FHSA different?
FHSA contributions are deductible like an RRSP, but you get $8,000 of room a year (plus up to $8,000 carried forward) and $40,000 over your lifetime, and only contributions made by December 31 count for that year. There is no 60-day rule. A qualifying withdrawal to buy a first home is tax-free.
Should I deduct my contribution this year or carry it forward?
You can contribute now and deduct later. If you expect a much higher income next year, holding the deduction until then can save more, because each dollar is deducted at a higher marginal rate. Try both incomes in the calculator to compare.