Podcast
2025 TFSA, RRSP and FHSA Contributions
Greg Wise
February 12, 2025
This is a friendly reminder about TFSA, RRSP and FHSA contributions for 2025.
TFSA’s
The TFSA limit for 2025 is $7,000. The lifetime limit for a TFSA could be as high as $102,000 for each individual contributor. You may have significant unused room from prior years for yourself or family members. Also, if you have taken money out of your TFSA at any point, you most likely have the ability to recontribute those withdrawals.
RRSP’s
The RRSP maximum for the 2024 tax year is $31,560 and the contribution deadline is March 3rd, 2025. You may have significant unused room in your RRSP from prior years. The RRSP limit for the 2025 tax year is $32,490.
FHSA’s
The FHSA or First Home Savings Account has a limit of $8,000 for 2025. If you opened an FHSA in prior years, you may be able to contribute up to $16,00. This is a great vehicle for helping family members save towards a first home. It acts as a hybrid between an RRSP and TFSA with upfront tax deductions, tax-free growth and tax-free withdrawals towards the purchase of a first home.
Please feel free to reach out if you would like to discuss any of your contributions, your investment portfolio, or your financial plan.
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