FHSA, TFSA and RRSP Contribution Deadlines

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Every year, the same question comes up: what are the FHSA, TFSA and RRSP contribution deadlines and limits? To help, we’ve put together a list of all the key information on the main savings plans!

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Contribution deadlines and limits for your registered accounts

1. First home savings account (FHSA)

December 31, 2025 was the FHSA contribution deadline to reduce your taxable income for the 2025 tax year. You can contribute up to $8,000 per year for a lifetime maximum of $40,000. You can also use any unused contribution room from previous years, if applicable, to reach a maximum contribution of $16,000 per year.

2. Registered retirement savings plan (RRSP)

March 2, 2026 is the RRSP contribution deadline to reduce your taxable income for the 2025 tax year. The RRSP maximum contribution is 18% of your annual income, up to a maximum of $32,490 this year.

3. Tax-free savings account (TFSA)

As of January 1, 2026, your contribution room for 2026 will be $7,000. The lifetime TFSA limit will therefore be $109,000 for those who have been eligible for the TFSA since it started in 2009. To ensure your contributions are counted for the current tax year, they must be made no later than December 31. For example, contributions for the 2025 tax year had to be made before December 31, 2025.

To find out how much contribution room you have for each plan, consult your file on the Canada Revenue Agency (CRA) website.

What are the benefits to opening an FHSA?

When you open an FHSA, the contributions reduce your taxable income and allow you to save for the purchase of your first home tax-free. When withdrawn, investment returns are not taxable if used for the purchase of a first home.

What are the benefits to opening an RRSP?

When you open an RRSP, your contributions reduce your taxable income and allow you to save for retirement tax-free. They can also be used towards a downpayment on a home (HBP) or to help finance a return to school (LLP).

If a lack of money prevents you from contributing to an RRSP, an RRSP loan can be an advantageous option. The money you receive from your tax return and investments might even cover the cost of the loan.

What are the benefits to opening a TFSA?

When you open a TFSA, your savings grow tax-free, and you don’t pay any tax on your returns. You also have access to your money at any time for your medium- and long-term savings projects, like a trip or the purchase of a home or car.

Don’t wait until the last minute to contribute to your registered accounts

We recommend planning ahead to avoid missing the deadlines. By contributing early, you ensure your financial institution has enough time to process your deposit correctly, giving you peace of mind to focus on other tasks!

Tip for simplifying your contributions

The most effective way to avoid delays and meet your deadlines is to set up pre-authorized debits (PAD). With this option, you choose the amount to be withdrawn, and it will be automatically taken from your bank account at regular intervals throughout the year.

You won’t have to do a thing, everything is secure and automated. Plus, this approach allows you to spread out your contributions, so you don’t have to make one big contribution at once. The result: better budget management and guaranteed peace of mind.

What are the penalties if you exceed the contribution limit?

For your FHSA or TFSA

You will have to pay a tax of 1% per month on the amount that exceeds your contribution limit until the excess is withdrawn. You can eliminate this excess by withdrawing funds from your FHSA or TFSA, or by using your new contribution room that becomes available on January 1 of the following year.

Visit the CRA website for more information about the tax on excess FHSA and TFSA contributions.

For your RRSP

The CRA allows you to have an excess of $2,000 in your RRSP without penalty. However, contributions that exceed this amount will cost you 1% per month until the situation is rectified.

For example, if your limit was $30,000 and you invested $33,000, you would not be penalized for the first $2,000 in excess, but a tax of $10 per month would be charged on the remaining $1,000.

What types of investments should you choose?

To grow your money and reach your financial goals, you can invest in several types of products:

Segregated funds
Mutual funds
High-interest savings accounts
Guaranteed Investment Certificates (GICs)
Exchange-Traded Funds (ETFs)
And more

Each type of investment offers specific benefits and features based on your needs, risk tolerance and investment horizon. Your financial advisor is here to guide you and help you choose the solutions best suited to your situation to maximize your results.

Get ready for tax season

Getting your financial documents organized in advance will make your tax preparation much easier:

Employment income (T4 and RL-1)
RRSP contributions
FHSA contributions
RRSP or RRIF withdrawals (T4RSP and T4RIF)
Medical expenses (dentist, prescription drugs, eyewear, etc.)
Charitable donation receipts
Investment income (T5/RL-3, T3/RL-16, T5008/RL-18)
Federal and provincial notices of assessment from the previous year
Employment insurance (T4E)
And more

The detailed list of documents you’ll need can be found on the CRA website and on the Revenu Québec website.

If you expect to receive a tax refund, keep in mind that it could pay off even more if you reinvest it!

Talk to your advisor

Contact your financial advisor if you want to optimize your savings strategies and maximize your tax refund for the next tax year. They’ll be happy to provide you with the support you need!