Three accounts
The useful question is when the room starts, not which logo to pick.
Educational only, not financial or tax advice. Not affiliated with CRA.
| TFSA | RRSP | FHSA | |
|---|---|---|---|
| When room starts | Later of the year you become a resident and the year you turn 18 | The year after you have earned income | The year you open the first FHSA, if you qualify |
| Amount | $7,000.00 for 2026 | 18% of the prior year, up to $33,810.00 in 2026 | $8,000.00 in the opening year |
| Ceiling | No lifetime cap. Unused room carries forward. | $35,390.00 is the published 2027 dollar limit | $40,000.00 lifetime |
| Carryforward | Unused room carries forward. A withdrawal returns the next 1 January. | Unused deduction room carries forward | Unused room, capped at $8,000.00 |
| Typical first year | The dollar limit for the year you arrive, if you are 18 or older | Often $0 of new room | $8,000.00 only if you open an account that year |
TFSA dollar limits · RRSP dollar limits · 18% rule · FHSA room · FHSA eligibility
A way to read the table
- If you became a resident this year and you are 18 or older, TFSA room can exist now. It does not include years before you arrived. Use the TFSA room calculator.
- If you had no earned income last year, new RRSP room this year is usually $0. Income from this year shows up next year. Use the RRSP year-one calculator.
- If you are saving for a home, FHSA room starts when you open the account, not when you land. The first-time buyer test is on CRA's opening page, linked above. The FHSA calculator does the $8,000 and $40,000 arithmetic and does not decide eligibility.
- Opening one account does not close the others. A transfer from an RRSP into an FHSA uses the FHSA's participation room. This list is the order of the questions, not an order to contribute.
Questions
Which account should I open first?
This page does not answer that. It only says when room exists. A TFSA can have room in the year you are a resident and 18 or older. An RRSP usually has none until the following year. An FHSA has room in the year you open it, if you qualify under CRA's rules. Whether any of them is useful depends on income, a first-home test, and money you might need back, which this site does not know.
Can I have more than one?
The limits are separate. TFSA room does not fill FHSA room, and RRSP room is a deduction limit of its own. A transfer from an RRSP to an FHSA uses FHSA participation room. CRA's FHSA contributing page is the source for that sharing. This page does not calculate the tax on a transfer.
Where do I run the numbers?
Use the TFSA room calculator, the RRSP year-one calculator, and the FHSA calculator. Each one cites the CRA page for its limit. None of them stores what you type.