Topic hub · 28 pages
Retirement and savings
RRSP, TFSA and FHSA explained for Canadians, along with pension income, retirement tax planning, contribution limits and a free RRSP tax savings calculator.
A timeline of registered savings from contributions through tax-sheltered growth to withdrawals in retirement.
Visual labels: Contribute; Grow; Withdraw.Registered accounts let savings grow under different tax rules, and choosing among them is rarely a single decision. An RRSP, a TFSA and an FHSA each treat contributions, growth and withdrawals differently, and the right mix depends on your income, your timeline and what you are saving for.
The pages in this hub explain the accounts, their vocabulary and the practical questions around them: contribution room, deadlines, withdrawals and how retirement income is taxed. Guides look at ideas such as splitting pension income between spouses, and an article keeps current limits in one place with the official sources behind them. The calculator gives a rough view of the tax effect of a contribution, using simplified assumptions. It does not account for every deduction or for your actual room, which is shown on your notice of assessment and in your CRA account. An accountant can help you plan contributions around the rest of your return.
General information, not advice for your situation. How these pages are written and checked.
Guides (4)
Step-by-step checklists and plain-language walkthroughs.
Pension income splitting for retirees
How couples can split eligible pension income on Form T1032, which income qualifies, how CPP sharing differs and what the split does to credits and OAS repayment.
Read the guide Personal taxRetirement tax checklist: CPP, OAS, RRSP and RRIF
A step-by-step checklist for the tax side of retiring: when to start CPP and OAS, the RRSP age-71 deadline, RRIF withdrawals, under-withheld tax, instalments and OAS repayment.
Read the guide Personal taxRRSP deadline 2027: date, limit and your own room
The RRSP deadline for 2026 contributions is March 1, 2027. See the 2026 dollar limit, where to find your own limit, over-contribution rules and how the FHSA differs.
Read the guide Tax essentialsCanada tax deadlines 2027: personal, business and RRSP
Canada tax deadlines for 2027 in one calendar: personal returns (April 30, or June 15 if self-employed), T2, GST/HST, payroll, T4 slips, RRSP and weekend rules.
Read the guideTools (1)
Free calculators and checklists that run in your browser.
Articles (6)
Longer explanations of the decisions behind the numbers, newest first.
- 2026 tax year
2026 RRSP, TFSA and FHSA limits: check your own room
Understand the 2026 RRSP, TFSA and FHSA limits, why published ceilings differ from personal room, and the calendar-year timing of FHSA deductions.
Read the article - Personal tax
FHSA vs RRSP Home Buyers’ Plan: which to use first
Compare the FHSA and the RRSP Home Buyers’ Plan: deductions, repayment, limits, first-time buyer tests and how to use both for the same home in Ontario.
Read the article - Personal tax
How RRSP withdrawals are taxed in Canada
How RRSP withdrawals are taxed: withholding rates, why more tax may be owing at filing, the T4RSP, and withdrawals that are not taxed, such as the HBP and LLP.
Read the article - Personal tax
Retirement income: how CPP, OAS and RRIF payments are taxed
How CPP, OAS and RRIF income is taxed in Canada: where each is reported, what is withheld, how the OAS recovery tax works and why retirees can owe tax in April.
Read the article - Personal tax
RRSP vs TFSA: which should you contribute to first?
Compare how the RRSP and TFSA are taxed, how room works and which questions decide the order, including a simple illustration for Ontario individuals and owners.
Read the article - Personal tax
TFSA over-contribution: how to fix it and limit the tax
Over-contributed to your TFSA? Confirm the excess, withdraw it, work out the 1% monthly tax, file the TFSA Return by June 30 and ask the CRA for relief if it fits.
Read the article
Encyclopedia terms (17)
Definitions with examples, in alphabetical order.
- CPP contributions
How CPP contributions work in 2026: employee and employer rates, the CPP2 band above $74,600, and what self-employed people pay, with an illustrative example.
- CPP retirement pension
What the CPP retirement pension is, who qualifies from age 60, how starting earlier or later changes it, and how it is reported on your tax return.
- FHSA (first home savings account)
How the FHSA works: the $8,000 annual and $40,000 lifetime limits, deductible contributions, qualifying withdrawals and calendar-year deduction timing.
- Home Buyers’ Plan (HBP)
What the Home Buyers’ Plan is: withdrawing up to $60,000 from your RRSP to buy a first home, who qualifies, and the 15-year repayment schedule.
- Lifelong Learning Plan (LLP)
What the Lifelong Learning Plan is: withdrawing up to $10,000 a year from your RRSP for full-time study, the $20,000 cap and the 10-year repayment.
- Pension adjustment (PA)
What a pension adjustment is, why a workplace pension reduces next year’s RRSP room, where to find it in box 52 of your T4, and what it does not change.
- Pension income amount
What the pension income amount is, which pension and annuity income qualifies, the $2,000 federal limit, and how it differs from the age amount and pension splitting.
- Pensionable earnings
What counts as pensionable earnings for CPP, who contributes, how proration works at ages 18 and 70, and how it differs from insurable earnings.
- PIER report
What a CRA PIER report is: the yearly check of CPP and EI on your T4s, what the letter contains, the 30-day reply window and how to respond.
- RDSP (registered disability savings plan)
What an RDSP is: who qualifies through the disability tax credit, the $200,000 lifetime limit, government grants and bonds, and the 10-year repayment rule.
- RESP (registered education savings plan)
What an RESP is, how the Canada Education Savings Grant works, the $50,000 lifetime limit and who pays tax on withdrawals, explained for Ontario families.
- Retiring allowance
Learn what counts as a retiring allowance, how it differs from wages in lieu of notice, how tax is withheld, and which T4 codes report it.
- RRIF (registered retirement income fund)
What a RRIF is, why a minimum must be paid each year, how RRIF income is taxed and what happens to an RRSP at 71, with an illustrative example.
- RRSP (registered retirement savings plan)
What an RRSP is, where to find your own deduction limit, how the first 60 days of the year work and why withdrawals are generally taxed.
- Spousal RRSP
What a spousal RRSP is, who deducts the contribution, and how the three-year attribution rule decides whose return a withdrawal is taxed on.
- TFSA (tax-free savings account)
How TFSA contribution room works, the 2026 annual limit, when withdrawals restore room and what the 1% monthly tax on over-contributions means.
- YMPE (year’s maximum pensionable earnings)
The YMPE is the yearly ceiling on earnings for CPP contributions: $74,600 for 2026, with a $85,000 second ceiling, and how it differs from EI’s maximum.
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Industries where this topic comes up often.
Personal tax
Your personal return done right, whether it’s simple or includes self-employment, rental or investment income.
What it involvesTalk it through with an accountant
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