Localized for Florida. Find out exactly what an RRSP or 401(k) contribution saves you. Enter your income, province or state, and contribution, and this calculator returns your refund using full progressive tax brackets — so it correctly shows when a bigger contribution drops you into a lower bracket.
Region
Your income
$
Contribution
$
Estimated tax refund
$2,200
tax saved by contributing
Effective refund rate
22.00%
your combined marginal
The numbers
Taxable income — before
$95,000
Taxable income — after
$85,000
Total tax — before
$15,612
Total tax — after
$13,412
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How it's calculated
Federal tax is computed on full progressive brackets, so the refund catches a contribution that drops you a bracket.
Provincial/state tax is estimated at the marginal rate for your region — edit if your bracket differs.
Refund = tax before contribution − tax after contribution.
Canada uses RRSP rules; the US version models pre-tax 401(k) / Traditional IRA.
Your contribution reduces taxable income, so your refund is the tax you would have paid on that income — at your combined federal + provincial marginal rate, computed on full progressive brackets.
Does contributing more always help?
Up to your contribution room, yes — and contributing enough to drop into a lower bracket boosts the marginal benefit. This calculator shows the effect on full brackets.
Is my income data stored?
No — everything stays in your browser on your device.