RRSP limit for 2027 is $35,390; TFSA limit not yet set

The Canada Revenue Agency has set the RRSP dollar limit for 2027 at $35,390, up from $33,810 in 2026, according to its registered plan limits table. The agency has not yet published a TFSA limit for 2027, so the current figure stays at $7,000.

Updated Oct. 19, 2026.

The RRSP number is the ceiling on new deduction room you can earn for 2027, not a figure you can automatically contribute. Your own limit depends on what you earned in 2026 and on any workplace pension, and it is shown on your CRA notice of assessment and in your CRA account. The rules are federal and apply in every province and territory.

2027 RRSP and TFSA limits compared

The table below uses the CRA’s published figures. The TFSA amount for 2027 is blank because the agency has not released it.

The 2027 RRSP limit is $1,580 higher than 2026, an increase of about 4.7 per cent.

RRSP contribution limit

Your RRSP deduction limit for a year is the lesser of 18 per cent of your earned income in the previous year and that year’s dollar limit, the CRA said in its explanation of how contributions affect your limit. That amount is added to unused room carried forward from earlier years, then reduced by any pension adjustment from a workplace plan.

For 2027, the dollar limit is $35,390. Earning enough to reach it takes about $196,612 in 2026 income, because 18 per cent of that amount is $35,390.

A worked example shows how the formula plays out. A worker with no workplace pension who earned $85,000 in 2026 earns $15,300 of new room for 2027, which is 18 per cent of $85,000. If that worker also carried $5,000 of unused room forward, the total would be $20,300. These figures are an illustration, not a prediction for any individual, and your notice of assessment is the number that counts.

A worker who earned $60,000 and belongs to a pension plan with a $3,000 pension adjustment would earn $10,800 of new room, then subtract $3,000, leaving $7,800 before any carry-forward.

RRSP deadline for 2026 contributions

Contributions made in the first 60 days of 2027 can be deducted on your 2026 return. The 60th day of 2027 falls on Mar. 1, and the CRA confirms the exact date each year on its tax pages. Money put in after that counts toward 2027.

The 2027 limit of $35,390 applies to contributions that count toward your 2027 tax year, not to money you put in during the first weeks of 2027 for 2026.

Over-contributing to an RRSP

The CRA allows a lifetime cushion of $2,000 above your limit for people who were 18 or older at any point in the previous year. Beyond that, you owe tax of one per cent a month on the excess, according to the agency’s page on excess contributions. Withdrawing the extra amount before the end of the month can reduce or erase the tax, and anyone who owes it files Form T1-OVP and pays within 90 days after the end of the year.

TFSA contribution limit for 2027

The CRA lists the TFSA annual limit at $7,000 for 2024, 2025 and 2026, in its TFSA contribution page. The agency has not announced a 2027 figure. The limit is indexed to inflation and rounded to the nearest $500, and the personal finance site Waypoint Budget said Oct. 7 that it expects $7,500, a projection that has not been confirmed. Announcements have typically come in the fall.

Total room depends on your history. A person who has been a Canadian resident and at least 18 since 2009 and has never contributed has $109,000 of cumulative room in 2026, based on adding up the CRA’s annual limits. Room starts accumulating in the year you turn 18, and new residents start on the day they become residents.

TFSA withdrawals and over-contributions

Withdrawals are added back to your room on Jan. 1 of the following year, the CRA said. Contributions reduce room in the year you make them, while investment gains, losses and fees do not change it. Excess amounts are taxed at one per cent a month for as long as they stay in the account, the agency said in its over-contribution guidance, so the CRA advises withdrawing any excess as soon as possible.

Other 2027 numbers to watch

Several payroll and benefit figures also change on Jan. 1. Our report on 2027 EI premiums covers the new employment insurance rate, and our guide to CPP and OAS numbers explains retirement benefits. Anyone filing a return should also see our note on the pre-filled CRA tax return deadline.

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Sources: Canada Revenue Agency, MP, RRSP, DPSP, TFSA limits and YMPE; CRA pages on RRSP deduction limits, excess RRSP contributions and TFSA contributions, linked above; Waypoint Budget, TFSA limit 2027 (projection only). Cumulative TFSA room and income-to-limit figures are Canada News Media calculations from CRA data.