Canada · 2026 limits
RRSP vs TFSA vs FHSA
The same pre-tax dollars, three accounts. What's left after tax depends on your tax rate now versus when you take the money out, and the FHSA can beat both if you're buying a first home.
The rule of thumb, with your numbers
RRSP and FHSA contributions are tax-deductible now. An RRSP is taxed when you take money out; a qualifying FHSA home withdrawal isn't taxed at all. The TFSA works the other way: no deduction now, no tax later. So if your tax rate when you withdraw will be lower than today's, the RRSP wins; if it will be higher, the TFSA wins; if it's the same, they tie. That's only true if you invest your RRSP refund. If you spend the refund, the TFSA usually comes out ahead.
2026 limits
TFSA: $7,000 new room. RRSP: 18% of last year's earned income, up to $33,810. FHSA: $8,000 a year, $40,000 lifetime. Unused FHSA room carries forward, up to $8,000. The RRSP Home Buyers' Plan lets first-time buyers borrow up to $60,000 from an RRSP, but it must be repaid. Check your actual room in your CRA account.
Not modelled: OAS clawback (15% above $95,323 in 2026; we flag it), the pension and age credits, pension income splitting, and the FHSA-to-RRSP transfer if you never buy.
What to do next
Low-fee robo-advisor
Open a TFSA, RRSP or FHSA in minutes. [Partner link: robo-advisor]
Compare robo-advisors →Self-directed brokerage
Buy low-cost index ETFs yourself. [Partner link: discount brokerage]
Compare brokerages →Fee-only planner
Get a second opinion on your plan. [Partner link: planner directory]
Find a planner →Sources & assumptions
This is an estimate. Tax rules and your future income can change. NorthNumbers isn't affiliated with any bank, lender, dealer or government agency. Nothing here is financial, tax or legal advice.