Annual Contribution Limits for RRSP, TFSA and FHSA

The new year brings another chance to contribute to your registered accounts.

1. RRSP - Registered Retirement Savings Plan

   1. Check your contribution limit - To know the maximum amount you can contribute to your RRSP this year, refer to the notice of assessment from the Canada Revenue Agency after filing last year's tax return. You can also reach the CRA by calling 1-800-959-8281, or by logging into your online CRA account.

   2. Additionally, you can contribute up to 18% of your previous year's earned income, with a cap of $32,490.

      
      

2. TFSA - Tax Free Savings Account

   1. If you have never contributed to your TFSA, the total contribution room for 2025 is $102,000.

   2. The annual contribution room for 2025 is $7,000.

   3. For those with non-registered accounts, we will make the annual contribution of $7,000 on your behalf within the first two months of the year.

   
   

3. FHSA - First Home Savings Account - If you are eligible to open an FHSA, your annual contribution room is $8,000 for 2025.

Please feel free to contact us if you have any questions regarding your annual contributions.

Creed Capital Management Team