TFSA, RRSP, And FHSA Contributions In 2026

Before making any contributions, always verify your personal contribution limits. You can find these on your latest CRA Notice of Assessment or in your CRA My Account. Over‑contributing can result in penalties of 1% per month, so double‑check your room before depositing funds.

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TFSA (Tax-Free Savings Account)

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The 2026 annual TFSA contribution limit is $7,000. If you have been eligible since TFSAs began in 2009 and have never contributed, your total cumulative room in 2026 is $109,000. Withdrawals made in 2025 will be added back to your contribution room on January 1, 2026. Unused contribution room also carries forward indefinitely.

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‍TFSA Contribution Limits Since Inception:

• 2009–2012: $5,000
• 2013–2014: $5,500
• 2015: $10,000
• 2016–2018: $5,500
• 2019–2022: $6,000
• 2023: $6,500
• 2024: $7,000
• 2025: $7,000
• 2026: $7,000

Total Since Inception: $109,000

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RRSP (Registered Retirement Savings Plan)

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The RRSP deadline for 2025 tax-year deductions is March 2, 2026. The maximum limit for 2026 is $33,810, or 18% of your annual earned income. Remember, you can contribute more if you have unused contribution room from previous years.

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FHSA (First Home Savings Account)

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The FHSA continues to be a powerful tool for first-time homebuyers. It combines the tax benefits of both RRSPs (deductible contributions) and TFSAs (tax‑free withdrawals for qualifying home purchases).

The 2026 FHSA contribution limits are:

• $8,000 annual limit
• $40,000 lifetime limit

Unused FHSA room carries forward up to $8,000, but only once the account is opened. So if you haven’t opened an FHSA yet, opening it sooner unlocks future carry-forward room. Withdrawals for a qualifying home purchase are tax‑free and do not need to be repaid, unlike the RRSP Home Buyers' Plan.

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How to Contribute

1. Direct from Your Bank Account: Matco can facilitate electronic transfers, lump-sum or monthly, from your bank account.
2. Scheduled Contributions: Opt for automatic monthly or quarterly contributions to leverage dollar-cost averaging and manage cash flow effectively.
3. From Your Matco Investment Account: Transfer funds from another Matco investment account, ideally taxable. However, using your TFSA for RRSP or FHSA contributions might be beneficial in certain scenarios.
   

Depending on your situation, using part of your TFSA to fund RRSP or FHSA contributions may make sense—ask us for guidance.

Have questions about these programs? Your Matco investment team is here to help. Don't hesitate to reach out for personalized advice and support