How much TFSA contribution room do I have in 2026?

Your TFSA room depends on how long you've been eligible. If you've been a Canadian resident aged 18+ since 2009, your total lifetime room is $102,000. The 2026 annual limit is $7,000. Subtract your total lifetime contributions to find your remaining room. Use the free calculator at corpify.org/contribution-calculator for your exact number.

Should I contribute to TFSA or RRSP first?

If your income is above approximately $55,000 (marginal rate 30%+), prioritize RRSP for the immediate tax deduction. If your income is below that, prioritize TFSA since the tax deduction from RRSP is less valuable at lower tax brackets, and TFSA withdrawals are always tax-free. If you're a first-time home buyer, prioritize FHSA first regardless — it gives you both the deduction AND tax-free withdrawals.

What is the FHSA contribution limit for 2026?

The FHSA annual contribution limit is $8,000, with a lifetime maximum of $40,000. Unused room can carry forward to the next year, but you can never contribute more than $8,000 in a single year. The FHSA is available to Canadian residents who are first-time home buyers aged 18-71.

What happens if I over-contribute to my TFSA?

The CRA charges a penalty of 1% per month on any excess TFSA contributions. For example, if you over-contribute by $5,000, you'll owe $50 per month until you withdraw the excess. Always verify your room in CRA My Account before making large contributions.

How do I check my RRSP contribution room?

Your exact RRSP deduction limit is on your Notice of Assessment (NOA) from the CRA, which you receive after filing your tax return. You can also check it in CRA My Account online. It's calculated as 18% of your previous year's earned income, up to the annual maximum ($33,390 for 2026), plus any unused room from prior years.

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How Much Room Do You Have?

Calculate your exact TFSA, RRSP, and FHSA contribution room. Get a recommendation on where to put your next dollar.

About You

Year of Birth

Canadian Resident Since (year) Year you became a Canadian tax resident (18+)

Annual Income (before tax)

Province

Your Contributions So Far

Total TFSA Contributions to Date Lifetime total deposited (not current balance)

RRSP Deduction Limit From your Notice of Assessment (or leave 0 to estimate)

Total FHSA Contributions to Date

I'm a first-time home buyer

I already have an FHSA open

Your Contribution Room

TFSA

Tax-free growth

RRSP

Tax deduction now

FHSA

Best of both worlds

💡 Where to Put Your Next Dollar

Growth Projection (7% annual return)

How TFSA, RRSP, and FHSA Contribution Room Works

Your contribution room is the total amount you're allowed to deposit into each registered account. Go over, and the CRA charges a 1% monthly penalty on the excess. Here's how each account calculates room:

TFSA Contribution Room

Your TFSA room accumulates every year you're 18+ and a Canadian resident. It starts from 2009 (when the TFSA was created) or the year you turned 18, whichever is later. The 2026 annual limit is $7,000. Someone who's been eligible since 2009 has $102,000 in total lifetime room. Unused room carries forward forever, and withdrawals restore your room the following year.

RRSP Contribution Room

Your RRSP room is 18% of your previous year's earned income, up to the annual maximum ($33,390 for 2026). Unused room carries forward. Your exact number is on your Notice of Assessment from the CRA. Contributions reduce your taxable income dollar-for-dollar — at a 30%+ marginal rate, that's significant.

FHSA Contribution Room

The FHSA (First Home Savings Account) launched in 2023. It's the only account that gives you a tax deduction on contributions AND tax-free withdrawals for a home purchase. Annual limit: $8,000. Lifetime max: $40,000. You have 15 years from opening to use it. Unused room carries forward (up to $8,000 max per year). You must be a first-time home buyer and a Canadian resident to qualify.

FHSA Contribution Room in 2026: What You Need to Know

If you opened your FHSA in 2023 and contributed the max each year, you've used $24,000 of your $40,000 lifetime room — leaving $16,000 remaining. If you opened in 2024, you could carry forward up to $8,000 of unused 2023 room, meaning you could have contributed up to $16,000 in 2024. For 2026, your maximum contribution is still $8,000 (no carry-forward exceeds the annual cap).

Key FHSA dates: You must make your qualifying withdrawal within 15 years of opening the account, or before December 31 of the year you turn 71. If you don't use it to buy a home, funds can be transferred to your RRSP (without affecting RRSP room) or withdrawn as taxable income.

Who should prioritize FHSA? Any Canadian aged 18-71 who hasn't owned a home in the current year or the preceding 4 calendar years. The FHSA is strictly better than both TFSA and RRSP for saving toward a first home — it combines the RRSP's tax deduction with the TFSA's tax-free growth and withdrawal. Max it first, then allocate to RRSP or TFSA.

Disclaimer: This calculator provides estimates based on general rules. Your actual contribution room may differ based on factors like pension adjustments, past over-contributions, or HBP/LLP repayments. Check your CRA My Account for exact numbers. This is not financial advice.