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TFSA, RRSP and FHSA Room Calculator for Newcomers
Online figures like “the TFSA limit is $102,000” assume you lived in Canada as an adult since 2009. Your room starts when you became a resident. Enter your arrival year and income to estimate your real room.
- Free
- No sign-up
- Runs in your browser
- Data as of 2026 limits
Key facts
- TFSA room starts the year you become a resident and are 18+; there is no room for years before you arrived.
- The TFSA limit is $7,000 for 2024, 2025 and 2026, in full even if you arrive in December.
- RRSP room is 18% of the previous year’s Canadian earned income, up to $33,810 for 2026.
- FHSA room starts only when you open the account: $8,000 a year, $40,000 lifetime.
- Over-contributing costs 1% a month on the excess.
How does contribution room work for newcomers?
Each account starts at a different time: TFSA the year you become a resident, RRSP the year after you first earn income in Canada, and FHSA the year you open it.
| Account | When your room starts | Annual amount |
|---|---|---|
| TFSA | The year you become a resident (and are 18 or older). No room for years before you arrived. | $7,000 in 2024, 2025 and 2026; the full year’s amount even if you arrive in December |
| RRSP | The year after you start earning in Canada — room is 18% of the previous year’s earned income | Up to $33,810 for 2026 |
| FHSA | The year you open the account (resident, 18+, first-time home buyer) | $8,000 a year, up to $8,000 carried forward, $40,000 lifetime |
How much TFSA room do I have if I arrived in 2024?
If you became a resident in 2024 and were 18 or older, your TFSA room through 2026 is $21,000: $7,000 for each of 2024, 2025 and 2026, minus anything you have contributed.
| 2024 limit | $7,000 |
| 2025 limit | $7,000 |
| 2026 limit | $7,000 |
| TFSA room in 2026 | $21,000 |
What are the most common newcomer mistakes?
Using the “since 2009” TFSA total, contributing to an RRSP before you have room, waiting to open an FHSA, and re-contributing TFSA withdrawals in the same year.
- You have no RRSP room until you have Canadian earned income from a previous year.
- FHSA room only starts when the account exists, so opening it early helps.
- TFSA withdrawals are added back to your room on January 1 of the next year.
Where can I check my official contribution room?
CRA My Account shows your TFSA room as of January 1, your RRSP deduction limit (also on your Notice of Assessment) and your FHSA participation room. If they differ from this estimate, trust the CRA figure.
More context in TFSA vs RRSP for newcomers.
Sources
This calculator estimates contribution room from published CRA limits. Your official room is shown in CRA My Account. It is general information, not financial advice.
Questions
Contribution room FAQ
Do I get TFSA room for years before I moved to Canada?
No. Room only accumulates for years you were a resident of Canada and at least 18.
I arrived in November. Do I get the full $7,000 for that year?
Yes. The TFSA dollar limit is not prorated in the year you become a resident.
Can work permit holders open a TFSA?
Yes, if you are a resident of Canada for tax purposes, 18 or older and have a SIN.
