Example2026 TFSA limit $7,000 (accumulate room from your eligible year) · RRSP 18% of prior income · FHSA $8,000/yr - edit for your room and timeline
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The TFSA / RRSP / FHSA calculator models long-term growth across Canada's three main registered accounts and shows which produces the largest after-tax balance based on your income, goals, and expected retirement tax bracket. All three shelter growth from tax; the difference is when and whether you pay tax on contributions and withdrawals.
TFSA contributions are after-tax; growth and withdrawals are tax-free. RRSP contributions are deductible; growth is deferred; withdrawals are fully taxable. FHSA contributions are deductible (like RRSP) but qualifying first-home withdrawals are tax-free (like TFSA). The calculator applies your marginal tax rate both today and in retirement, compounds growth at your chosen return, and reports after-tax ending balances.
2026 limits: TFSA $7,000/year ($102,000 cumulative since 2009), RRSP 18% of earned income to $33,810 max, FHSA $8,000/year and $40,000 lifetime. FHSA can be stacked with RRSP HBP for up to $100,000 tax-advantaged per person toward a first home.
The 2026 TFSA annual contribution limit is $7,000, the same as 2024 and 2025. The cumulative lifetime limit for someone who has been 18+ and a Canadian resident since 2009 is $102,000 by 2026. Withdrawals from a TFSA restore the contribution room in the following calendar year.
RRSPs are generally better if your income (and marginal tax rate) is higher now than it will be in retirement, since contributions reduce today's taxable income. TFSAs are better if your retirement income will be similar or higher, or if you may need flexible access. Many Canadians benefit from using both - the Account Optimizer can rank this for your situation.
The First Home Savings Account (FHSA) is for first-time home buyers who are Canadian residents aged 18–71. It allows $8,000/year in tax-deductible contributions (lifetime maximum $40,000) and tax-free withdrawals when buying a qualifying first home. Unused FHSA funds can be transferred to an RRSP.
The 2026 RRSP annual contribution limit is $33,810 - or 18% of your 2025 earned income, whichever is lower. Unused RRSP room accumulates indefinitely. Check your exact room on your CRA Notice of Assessment or in My Account online.
Yes, absolutely. TFSA and RRSP have separate contribution limits and can both be maximized. Many Canadians hold both - RRSP for tax-deferred retirement savings (especially during high-income working years) and TFSA for flexible, tax-free growth. FHSA is a third account if you're a first-time home buyer.
RRSP (or RRIF) withdrawals are taxable income, while TFSA withdrawals are tax-free. In retirement, most people should draw taxable income (CPP, RRIF) first up to their lowest tax bracket threshold, then use TFSA for anything above that to avoid pushing into a higher bracket or triggering OAS clawback.
If you contribute less than $8,000 in a calendar year, the unused room carries forward by $8,000 to the next year (not the full amount unused). So the maximum you can contribute in any single year is $16,000 ($8,000 current + $8,000 carried forward), up to the $40,000 lifetime limit.
Yes. FHSA and the RRSP Home Buyers' Plan (HBP) can both be used for the same qualifying first home purchase. Together a single buyer can access $40,000 from FHSA (tax-free) + $60,000 from RRSP HBP (repaid over 15 years) = up to $100,000 tax-advantaged. A couple can double those limits.
Long-form explainers that pair with this calculator.