
What is the TFSA contribution limit in 2025? + MORE Feb 14th

How your net income gets calculated for tax and OAS + MORE Feb 7th
Maxed out your TFSA and RRSP? Here’s where to put cash
– moneysense.ca

Here’s a quick refresher on RRSPs and TFSAs, including their contribution limits:
Comparison pointsRRSPTFSAPurposeRetirement savingsAny savings goal, short-term or long-termAge requirementAny age up to 7118 and olderEarned income requirementYes, you must earn income to create contribution roomNoTax deduction for contributionsYes, and tax deductions can be carried forward for a future tax returnNoTax on growth (interest, capital gains, dividends)Tax-deferred, until funds are withdrawn (during retirement, when income is likely lower)Tax-freeContribution roomWhichever is lower: 18% of your previous year’s earned income or the government’s annual RRSP contribution limit (for the 2024 tax year, it is $31,560, and 2025, it will be $32,490), plus any unused contribution room from previous yearsAccumulates from age 18, with different amounts announced each year (for 2025, the limit is $7,000); if you were born in or before 2009 (the year the TFSA launched), your cumulative limit as of Jan…