DOSSIER C / REGISTERED ACCOUNTS
2 FILES
Savings accounts
Registered accounts that change the tax on money you put aside: the First Home Savings Account and the TFSA, with their limits and penalties.
How TFSA room adds up, and what an over-contribution costs
Someone who has been eligible since 2009 has $109,000 of cumulative TFSA room in 2026. Withdrawals come back, but not until January, and putting money back too early costs 1% of the excess for every month it stays.
How the First Home Savings Account works
It is the only registered account where contributions are deductible and a qualifying withdrawal is not taxed. The limits are $8,000 a year and $40,000 in total, and the room only starts once the account is open.
THE FRIDAY FILE / WEEKLY / FREEThe Friday File. One tax rule or household number, explained on a single page.
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