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

The Canada Revenue Agency has not announced the 2027 TFSA contribution limit, so the confirmed annual limit is still $7,000, the figure for 2024, 2025 and 2026. The limit is indexed to inflation and rounded to the nearest $500, and the new figure is normally published in the fall. The 2027 RRSP dollar limit is already set at $35,390.

Updated Nov. 3, 2026: The CRA’s limits table, last modified Oct. 28, still lists no 2027 TFSA limit. It does show the 2028 RRSP dollar limit of $36,390, added below.

The figures in this guide come from the CRA’s registered plan limits table, which on Oct. 23 showed a 2027 RRSP dollar limit of $35,390 and TFSA limits only up to 2026, and its TFSA contribution page. Any 2027 TFSA figure you see before the CRA publishes it is a projection, not a confirmed limit. The rules are federal and apply in every province and territory.

Key facts

What is the TFSA limit for 2027?

It has not been announced. The CRA’s TFSA page lists an annual limit of $7,000 for 2024, 2025 and 2026, and its registered plan limits table had no 2027 TFSA entry as of Oct. 23. Until the agency publishes the figure, the only confirmed number is $7,000.

Because the limit is indexed to inflation and rounded to the nearest $500, it either stays at $7,000 or rises to $7,500 or more, depending on the indexation the CRA applies for 2027. Canada News Media will update this page when the CRA publishes the new limit.

How much TFSA room do I have in 2027?

Your room is the total of the annual limits since you turned 18 and became a resident, plus any withdrawals from previous years, minus what you have put in. A person who has been a Canadian resident and at least 18 since 2009 and has never contributed has $109,000 of room in 2026, based on adding up the CRA’s annual limits from $5,000 in 2009 to $7,000 in 2026. On Jan. 1, 2027, the new annual limit is added on top.

Room starts accumulating in the year you turn 18, and new residents start in the year they arrive. The most reliable number is the one in your CRA My Account, which shows your room as of Jan. 1. Contributions made during the year may not show up there until financial institutions report them.

What is the RRSP limit for 2027?

The CRA has set the RRSP dollar limit for 2027 at $35,390, up $1,580 or about 4.7 per cent from $33,810 in 2026. That is the ceiling on new deduction room you can earn for 2027, not an amount anyone can automatically contribute.

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

The same CRA table already lists the 2028 RRSP dollar limit at $36,390, which equals the $36,390 money purchase limit for 2027. The agency’s table also shows the 2027 year’s maximum pensionable earnings at $76,700, up from $74,600 in 2026.

A worker with no workplace pension who earned $85,000 in 2026 earns $15,300 of new room for 2027. A worker who earned $60,000 and has a $3,000 pension adjustment earns $10,800, minus $3,000, or $7,800, before any carry-forward. These are illustrations; your notice of assessment shows your actual limit.

When is the RRSP deadline for the 2026 tax year?

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

What happens if I over-contribute to a TFSA or RRSP?

TFSA over-contributions are taxed at one per cent a month for as long as the excess stays in the account, the CRA said in its over-contribution guidance, so it advises withdrawing any excess as soon as possible. Withdrawals are added back to your room on Jan. 1 of the following year, not right away, which is the most common way people over-contribute. Investment gains and losses inside the account do not change your room.

For RRSPs, 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. Anyone who owes it files Form T1-OVP and pays within 90 days after the end of the year.

What other money rules change on Jan. 1, 2027?

Several payroll figures change at the start of the year, including a cut to the base CPP contribution rate and higher EI premiums. Our roundup of new rules on Jan. 1, 2027 covers them, and our explainer on the 2027 CPP increase separates what is confirmed from what is not. First-time buyers weighing a TFSA against an FHSA can read our guide to first-time home buyer programs.

Frequently asked questions

What is the TFSA limit for 2027?

The CRA has not announced it. The confirmed annual limit is $7,000, the figure for 2024, 2025 and 2026.

When will the 2027 TFSA limit be announced?

The CRA normally publishes the next year’s limit in the fall, after it sets the annual inflation indexation. It had not done so as of Oct. 23, 2026.

What is the total TFSA limit since 2009?

$109,000 in 2026 for someone who has been a resident and at least 18 since 2009 and has never contributed, based on the CRA’s annual limits.

What is the RRSP limit for 2027?

$35,390, according to the CRA, up from $33,810 in 2026. Your own limit is 18 per cent of 2026 earned income, up to that maximum, plus unused room.

When can I re-contribute money I withdrew from my TFSA?

Withdrawals are added back to your contribution room on Jan. 1 of the following year.

What is the penalty for over-contributing to a TFSA?

One per cent a month on the highest excess amount for each month it stays in the account, according to the CRA.

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