Each province and territory has its own income tax rates. Knowing where you live helps us calculate the potential tax impacts of investing in an RRSP.

Your gross annual income is all the income that you expect to have in a typical calendar year, before any income tax. The calculator uses the current year’s marginal income tax rate for ordinary income, based on the gross annual income that you enter. Your actual income tax rate on investment income could be lower or higher (up to about 55% in 2024), depending on the amount and type of income that you have.

This is the number of years you plan to contribute to an RRSP. You can contribute to an RRSP until December 31 of the year you turn 71.

This is the amount that you already had in your RRSP at the end of the previous year.

This is the amount you will regularly put toward your RRSP.

To stay within the maximum 2024 RRSP limit:

• The maximum annual contribution amount is $31,560.
• The maximum monthly contribution amount is $2,630.
• The maximum semi-monthly contribution amount is $1,315.
• The maximum biweekly contribution amount is $1,213.
• The maximum weekly contribution amount is $606.

The amount you can contribute without penalty depends on your contribution room. You may be able to contribute more or less than the amounts indicated above.

Frequency is how often you will contribute to your RRSP. The maximum contribution amount varies based on the frequency you choose.

The rate of return is how much you gain or lose on an investment. It's expressed as a percentage. Use the default rate shown or enter a new one, up to 20%. We've provided three suggested rates based on different investment strategies. Rates of return can vary due to many different factors. If you have any questions, please reach out to a CIBC advisor who can help you understand realistic return expectations based on your investment holdings.