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Saving & investing · 2026 rules

TFSA, RRSP and FHSA room

Contribution room is the part people get wrong, and an over-contribution costs 1% a month. This works out every dollar of room you have across all three registered accounts.

  • Lifetime TFSA room
  • RRSP 18% of earned income
  • FHSA $8k / $40k caps
Your numberslive
Account
$
Your TFSA
$
$
Projection
6%
0%4%6%8%12%
25 years
5 years15 years25 years40 years

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TFSA room available now
$58,000
$104,000 of lifetime room, eligible since 2010
Over-contributions are penalised 1% a month on the excess, so this is a ceiling, not a target.
2026 annual limit
$7,000
Contributed to date
$46,000
Room restored by withdrawals
$0
Available again from January 1

All three accounts, side by side

Contribution room by account
TFSA$58,000
Tax-free growth, no deduction, room restores after withdrawal
RRSP$27,840
Deductible now, taxed on withdrawal, room is gone once used
FHSAbetter$16,000
Deductible now and tax-free out, for a first home

TFSA projected balance

Contributions against total balance, showing the growth you never pay tax on
$0$158,505$317,010$475,515$634,020Y1Y4Y7Y10Y13Y16Y19Y22Y25YearBalanceContributions
  • Balance
  • Contributions
Total contributed$221,000
Growth$388,635
Tax on that growthQualifying withdrawals are entirely tax-freeNone
Balance$609,635

TFSA limit by year

Annual TFSA contribution limit, 2009 to 2026
$0$2,500$5,000$7,500$10,000200920112013201520172019202120232025

Cumulative room for someone eligible since 2009 is $109,000.

The over-contribution penalty is realA TFSA excess is taxed 1% a month for as long as it sits there, and an RRSP excess above the $2,000 cushion is treated the same way. The CRA’s figures lag your own by a year, so check your own records rather than the portal before a large contribution.
How this is calculated

TFSA room is the sum of the annual limits from the year you turned 18 — or 2009, whichever is later — less what you have contributed, plus anything you withdrew in a previous calendar year.

RRSP room is 18% of the prior year’s earned income to the $33,810 2026 ceiling, reduced by your pension adjustment, plus unused room carried forward from every earlier year.

FHSA room begins accruing in the year the account is opened, at $8,000 a year with one year of carry-forward, to a $40,000 lifetime limit.

These results are illustrative estimates based on published 2026 rates and typical lender rules. They are not financial, tax, or legal advice, and they are not a mortgage or credit approval. See the methodology and disclaimer.

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