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Updated 2mo ago.
Updated 2mo ago.
Contribution room is the maximum amount you can deposit into a registered account (TFSA, RRSP, RESP) without penalty. For the TFSA, unused room accumulates since 2009. For the RRSP, the limit is 18% of earned income from the previous year, up to an annual maximum.
In 2026, the annual TFSA limit is $7,000. If you turned 18 in 2009 and never contributed, your cumulative room exceeds $102,000. For the RRSP, if you earned $80,000 in 2025, your new room for 2026 is $14,400 (18%), plus unused room from previous years. Check your exact limit on CRA My Account.
Exceeding your contribution room triggers a penalty of 1% per month on the excess. It's a costly mistake that's easy to avoid by checking your room on the CRA website before contributing.