by Scott Ronalds

As we step into a new year, it’s timely to highlight a few important financial numbers for 2025.

TFSA contribution limit: The maximum contribution limit for Tax-Free Savings Accounts this year remains at $7,000. This brings the total lifetime cumulative contribution room to $102,000 for eligible investors. TFSAs offer a valuable tax break that all investors should take advantage of. Last quarter, we discussed just how powerful a tool these accounts have become in our article, The eye-opening difference of using your TFSA for investing vs. saving.

RRSP contribution limit: The maximum you can add to your Registered Retirement Savings Plan this year is the lesser of 18% of your 2024 earned income or $32,490 (unless of course you have unused contribution room from previous years).

If you’re unsure which account is best for you, our TFSA vs RRSP Calculator can help.

FHSA contribution limit: For those saving for a first home, you can contribute $8,000 to a First Home Savings Account (FHSA) in 2025. However, if you opened one of these accounts last year and didn’t maximize your contribution, you can carry forward any unused contribution room to this year. For a refresher on the rules and benefits of these accounts, check out our guide.

As a reminder, you can contribute to your accounts with us by calling 1-888-888-3147 between 7am and 5pm PT, Monday to Friday. We can electronically transfer money from the bank account we have on file to your Steadyhand accounts.

Happy New Year!