You can now make your Tax-Free Savings Account (TFSA) contribution for 2026 (up to $7,000).
If you haven’t maximized your TFSA contributions in the past, you can also catch up on your 2009-2025 contributions.
The maximum possible contribution room for all years (including 2026) is $109,000.
Why invest in a TFSA?
Introduced in 2009, the TFSA enables you to invest your contributions in a wide range of investments, and earn tax-free interest, dividends, and capital gains on those investments. This can result in greater growth compared to a regular taxable account. You can also make tax-free withdrawals any time, for any reason, and any amount you withdraw is added back to your available contribution room the following year.
A TFSA can also be a great way for you to reduce your family’s overall tax bill. Your spouse and any adult children who have reached the age of majority (in the province/territory where they live) can each contribute to their own TFSAs in 2026, even if they don’t have any earned income. Contribution room automatically accumulates every year since 2009 for Canadian residents aged 18+.
Where to find your TFSA contribution room information
Your TFSA contribution room information can be found by using one of the following services:
- your CRA account for individuals
- your CRA account if you have an authorized representative
- Automated service 1-800-959-8281
Other great savings vehicles?
Aside from the TFSA, qualified individuals can also contribute to their Registered Retirement Savings Plan (RRSP) if they have earned income from a previous year and the First Home Savings Plan (FHSA) if they are saving for their first home. For a quick comparison among the TFSA, RRSP and FHSA, click here.
To make your TFSA contribution, or if you have any questions, please contact us at 416-733-5208 or sowealthgroup@rbc.com. We would also be pleased to assist your family members with their contributions.