2025 TFSA Limit Is $7,000 — Here's What Changed for RRSP Room Too

Key takeaways

• The 2025 TFSA annual contribution limit is $7,000; cumulative room since 2009 is $95,000
• The 2025 RRSP contribution limit is $32,490 or 18% of 2024 earned income, whichever is lower
• Unused RRSP room carries forward indefinitely; unused TFSA room carries forward from January 1 each year
• Check your CRA My Account for your actual personalized room amounts
• RRSP contributions made in the first 60 days of 2025 can be applied to either 2024 or 2025

Your exact contribution room depends on your personal tax history — the numbers below are the annual limits, but your actual room could be higher or lower depending on pension adjustments, unused carry-forwards, and previous contributions.

TFSA room for 2025

The 2025 TFSA annual limit is $7,000. Canadians who were 18 or older and resident in Canada throughout 2009 and every year since have accumulated $95,000 in total TFSA room by 2025. Any withdrawals from your TFSA in 2024 are restored to your room on January 1, 2025.

The CRA tracks TFSA room and updates it in My Account, but there is typically a lag of a few months. Do not rely on financial institution statements to track your TFSA room — they show only their own accounts, not room you may have at other institutions.

RRSP room for 2025

The 2025 RRSP dollar limit is $32,490. Your actual room is 18% of your 2024 earned income (employment, self-employment, rental net income) minus any pension adjustments shown on your 2024 T4 or T4A, plus any unused room from prior years. The safest way to find your number is on line A of your 2024 Notice of Assessment or in CRA My Account.

The RRSP deadline for the 2025 tax year (the last day you can contribute and claim a deduction on your 2025 return) is March 2, 2026.

Over-contributions

RRSP over-contributions above $2,000 are subject to 1% per month penalty tax. TFSA over-contributions are subject to 1% per month with no buffer. If you think you may have over-contributed, check CRA My Account and consider removing the excess before month-end to stop the penalty from accruing.