See the sourced 2026 Ontario tax guide: rates, limits and deadlines →
What to take away
- 2026 RRSP annual dollar ceiling: $33,810; your own limit depends on your history.
- The 2026 TFSA annual dollar limit is $7,000, distinct from available contribution room.
- FHSA contributions for a 2026 deduction must fall within the 2026 calendar year.
Start with the records for each account
Make a list of every registered account you hold and collect the recent contribution, withdrawal and transfer records. Having two accounts of the same type does not create two independent annual allowances. Keep a running total so that a transfer or automated deposit does not disappear from the review.
Look at the latest CRA information alongside the institution’s records. A useful question for your accountant is which figure is a deduction limit, which is contribution room and whether a recent transaction has already been reflected. They are not interchangeable balances.
Read the RRSP ceiling alongside your assessment
The RRSP annual dollar ceiling for 2026 is $33,810. Your personal deduction limit is affected by earned income, pension adjustments and unused room. It can differ substantially from the published annual ceiling. Check the latest notice of assessment or reassessment and your contribution history before choosing an amount.
A contribution receipt also does not settle every question about which year to claim a deduction. Identify contributions already made but not deducted, and distinguish a new cash contribution from a transfer or a repayment under a separate program. Ask how each item should be reported instead of treating every movement as a fresh deduction.
Separate TFSA room from the new annual limit
The TFSA annual dollar limit for 2026 is $7,000. Available room also depends on eligibility, unused room from prior years and withdrawals. Use your own records across all TFSAs when working out the amount available today; a new account does not reset the calculation.
Withdrawals generally create room again in the following calendar year, rather than immediately. For example, someone who has already used all available room should not assume that withdrawing money in November makes the same amount available to re-contribute in December. Confirm the calculation before making that replacement deposit.
Check FHSA opening and participation room
In the year you open your first FHSA, the ordinary participation room is $8,000. The ordinary lifetime limit is $40,000, and the amount available in a later year depends on the participation-room calculation, including carryforward and earlier activity. RRSP-to-FHSA transfers also use participation room.
Check eligibility to open the plan and record the opening date. Contributions and transfers need to be tracked together, even when they arrive from different institutions. An RRSP-to-FHSA transfer does not create another income-tax deduction simply because the receiving account is an FHSA.
Keep FHSA and RRSP contribution periods separate
FHSA contributions run from January 1 to December 31. A contribution made in the first 60 days of 2027 cannot be deducted for 2026. If you intend to use a qualifying contribution for the 2026 year, confirm processing arrangements before the December 31 deadline.
RRSP reporting has a separate first-60-days period. Do not apply that convention to an FHSA. Keep receipts grouped by plan and period, and check the CRA’s current RRSP deadline guidance before scheduling a last-minute contribution. Special rules also apply when you reach the age limit for contributing to your own RRSP.
Choose a contribution after checking the whole picture
An available limit does not by itself decide whether a contribution suits your cash needs. Consider upcoming tax payments, an emergency reserve and the purpose of the account. A business owner should first distinguish money available personally from money still belonging to the corporation.
Bring your account records and latest assessment to a tax-planning conversation. Ask which amounts are available, which transactions have already used room and which tax year is relevant. Keep the confirmed calculation with the records so that another contribution later in the year can be checked against the same starting point.
Sources & editorial notes
Sources checked October 24, 2026. The examples are illustrative and provide general information. Discuss how the guidance applies to your circumstances with your accountant.
- RRSP, TFSA and pension limitsCanada Revenue Agency
- Calculate your TFSA contribution roomCanada Revenue Agency
- FHSA participation roomCanada Revenue Agency
- Tax deductions for FHSA contributionsCanada Revenue Agency
- RRSP contribution receipts and the first 60 daysCanada Revenue Agency
- Where to find your RRSP deduction limitCanada Revenue Agency
Rules and guidance can change. Use the current official source and confirm the treatment for your facts. To flag an error, contact Sora.