RRSP/FHSA/TFSA Limits and Deadlines
In 2025, the contribution limits and key dates for the RRSP, FHSA, and TFSA programs are as follows:
Registered Retirement Savings Plan (RRSP):
- Contribution Limit: You can contribute up to 18% of your earned income from the previous year, with a maximum limit of $32,490 for 2025.
- Contribution Deadline: The deadline to contribute to your RRSP for the 2024 tax year is March 3, 2025.
First Home Savings Account (FHSA):
- Contribution Limit: The FHSA has a lifetime contribution limit of $40,000.
- Contribution Deadlines: To have contributions apply to the 2024 tax year, they must have been made by December 31, 2024. Unused contribution room carries forward, but only $8,000 can be carried forward each year.
Tax-Free Savings Account (TFSA):
- Contribution Limit: The annual TFSA contribution limit for 2025 is $7,000. This increases the cumulative contribution room to $102,000 for individuals who have been 18 years or older and residents of Canada since 2009. If you turned 18 years or older since 2009 your cumulative limit is based on the cumulative annual limits since then.
Annual TFSA dollar limits
| 2009 to 2012 | $ 5,000 |
| 2013 and 2014 | $ 5,500 |
| 2015 | $10,000 |
| 2016 to 2018 | $ 5,500 |
| 2019 to 2022 | $ 6,000 |
| 2023 | $ 6,500 |
| 2024 and 2025 | $ 7,000 |
- Contribution Deadlines: There are no specific deadlines for TFSA contributions; you can contribute at any time. However, if you made withdrawals during the year, you must wait until January 1 of the following year to regain that contribution room.
Please note that tax laws and limits can change. Dates of contributions and withdrawals are very critical to properly plan. If you access your MyCRA account online you can determine what they have recorded as your current limits. Note that their information is often not fully updated on a timely basis.
Contact us at Connect Live CPAs for additional guidance and information.
