Guides › RRSP vs TFSA vs FHSA: A General Comparison
RRSP vs TFSA vs FHSA: A General Comparison
General information only. Not financial, tax or investment advice. This site is independent and is not the Canada Revenue Agency (CRA). Check canada.ca and your CRA My Account for your own figures. Last checked against CRA pages: October 17, 2026. Examples use made-up numbers. No advertising or affiliate links appear on this page.
Short answer: We can't tell you which account to use first; that depends on your situation. This page lists facts from CRA pages so you can discuss them with a qualified professional.
| RRSP | TFSA | FHSA | |
|---|---|---|---|
| Annual dollar limit (CRA) | $33,810 (2026); $35,390 (2027) | $7,000 (2026); 2027 not found | $8,000 first-year participation room; $40,000 lifetime figure appears in the CRA formula |
| Personal limit | 18% of prior-year earned income up to cap, plus unused room | Not covered here | Participation room, per CRA account |
| Contribution deadline for last year's deduction | First 60 days of next year (expected March 1, 2027; unconfirmed) | n/a | December 31 (per CRA dates page for 2025) |
| Excess tax | 1% per month above $2,000 buffer | Not covered here | 1% per month on the highest excess FHSA amount (CRA examples) |
FHSA facts from CRA
- Participation room in the year you open your first FHSA is $8,000. Contributions and RRSP-to-FHSA transfers share that room.
- Room applies across all your FHSAs.
- Income earned in the FHSA does not use up room.
- Only the account holder can contribute and claim the deduction.
- Your issuer reports contributions on a T4FHSA; you file Schedule 15 the year you open one.
- The CRA FHSA page's formulas include the lesser of $8,000 plus carryforward minus excess, or a $40,000 lifetime figure less prior contributions and transfers.
RRSP facts
- Deduction when you file; contributions allowed until December 31 of the year you turn 71.
- Home Buyers' Plan withdrawals: buy or build before October 1 of the year after withdrawal.
Questions to take to a professional
- Your tax situation and expected income changes.
- Whether you are a first-time home buyer for FHSA purposes (qualification rules not covered here).
- Your time horizon and risk tolerance (not covered here).
FAQ
Is the 2027 TFSA limit known? The CRA table we read lists 2026 ($7,000) only.
Can I do all three? Each has its own room; check your CRA account.
What we could not verify
- TFSA 2027 limit; FHSA annual limit for 2027 (CRA formula uses $8,000 but we didn't verify a 2027 page).
- FHSA qualifying-home-buyer rules and tax deduction details (not read).
- Tax-rate effects by province.
Sources (official)
- CRA, MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE — https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html (read October 17, 2026)
- CRA, Participating in your FHSAs — https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html (read October 17, 2026)
- CRA, Important dates for RRSPs, HBP, LLP, FHSAs and more — https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/important-dates-rrsp-rrif-rdsp.html (read October 17, 2026; shows March 2, 2026 for the 2025 tax year)
RRSP deadline planner → Dates calendar →
Not tax or financial advice. See the disclosure.