RRSP Growth Calculator Canada
Small monthly RRSP contributions have decades to compound. This calculator shows what a starting balance plus a steady monthly contribution grows to, and how much of the final amount is money you put in versus growth the investments added.
Assumes monthly contributions at the start of each month’s compounding period equivalent (end-of-month deposits, monthly compounding) and a steady return. Real returns vary year to year, and RRSP withdrawals are taxed as income.
How it works
The calculator compounds your starting balance monthly and adds your contribution each month. Growth on growth is what does the heavy lifting over long periods: in the worked example below, contributions are $175,000 of the $458,121 final balance, and compounding added the other $283,121.
Remember that an RRSP is tax-deferred, not tax-free. You deduct contributions now and pay tax when you withdraw in retirement, ideally at a lower marginal rate than the one you deducted at.
Worked example
The calculator’s own output for a $25,000 starting balance, $500 a month for 25 years at a 6% annual return:
| Item | Amount |
|---|---|
| Starting balance | $25,000.00 |
| Monthly contribution | $500.00 |
| Years / return | 25 years at 6% |
| Total contributions | $175,000.00 |
| Investment growth | $283,121.23 |
| Final balance | $458,121.23 |
Frequently asked questions
How much will my RRSP be worth at 65?
Enter your current age gap as the years, your balance and your monthly contribution. At 6% for 25 years, $500 a month plus a $25,000 start grows to about $458,121 in this calculator’s example.
Is RRSP growth taxed?
Not while it stays inside the RRSP. Withdrawals are added to your income and taxed in the year you take them out, and most withdrawals also have withholding tax taken at source as a prepayment.
What return should I assume?
Use a cautious long-term planning number, not last year’s market return. Many planners test a range such as 4% to 6% for a balanced portfolio and check that the plan still works at the low end.
Does this include my RRSP deduction refund?
No. This is the growth of the account itself. Reinvesting your tax refund each year would raise the final balance further.
RRSP or TFSA: which grows more?
The compounding math is identical. The difference is tax: RRSP money is taxed on the way out, TFSA money is not, so the better account depends on your tax rate now versus in retirement.
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For education only. This calculator gives estimates, not financial, tax or legal advice. Figures use 2026 rates where a rate is built in; confirm your own numbers before making a decision.
