RRSP, RRIF, RESP & TFSA Information

RRSP Information

The easiest way to find your RRSP deduction limit is to look it up on the Notice of Assessment that Canada Revenue Agency (CRA) sends back to you after you file your annual income tax return. For 2026, your RRSP contribution amount is based upon your carry forward amount from 2025, plus your current year's contribution amount which is the lesser of $33,810 or 18% of your previous years earned income.

Tip: Designating your loved ones as beneficiaries

You can simplify the transfer of funds to loved ones and save taxes by designating your spouse or dependent children or grandchildren as beneficiaries of your RRSP.

RRIF Information

A RRIF is very much like an RRSP in reverse. Like an RRSP, the assets in the RRIF continue to be tax sheltered until withdrawn. The latest date to convert your RRSP to a RRIF is December 31st of the year you turn 71. You can convert to a RRIF earlier than age 71 but in general, the longer you delay withdrawing from a RRIF, the more potential you create for greater growth.

Withdrawal amounts: Canada Revenue Agency (CRA) requires that you take at least a minimum amount out of your RRIF each year; however, in any year you may withdraw more than the minimum amount if preferred. The minimum withdrawal amount is set on January 1st each year and is calculated based on 1) your age and 2) the market value of the account as of December 31st of the previous year.

Tip: Designating your loved ones as beneficiaries

You can simplify the transfer of funds to loved ones and save taxes by designating your spouse or dependent children or grandchildren as beneficiaries of your RRIF.

Tip: Set aside funds for taxes

RRIF withdrawals are considered taxable income. If you only withdraw the minimum amount, no taxes are withheld at source. As such, you should budget for taxes owing on this amount (actual amount determined based on your annual tax filing).

TFSA Information

Since 2009, your TFSA contribution room grows each year starting from the year you turned 18. Annual limits have ranged from $5,000 to $10,000 over the years, and the limit for 2024–2026 is $7,000. If you were 18 or older in 2009 and have never contributed, your total room in 2026 is $109,000. Your current year's limit is on your CRA Notice of Assessment.

RESP Information

You may contribute a lifetime maximum of $50,000 per beneficiary. The Government of Canada pays a grant of 20% of annual contributions to a maximum of $500 per beneficiary~ which is a $2,500 annual contribution per child.