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Understanding Your TFSA Contribution Room in 2026

A Tax‑Free Savings Account (TFSA) is one of Canada’s most flexible and powerful savings tools, but figuring out your exact contribution room can feel like solving a puzzle. A clear breakdown makes it much easier. How TFSA Contribution Room Works Your available room is made up of three parts: Annual TFSA limit for the current year Unused contribution room from previous years Withdrawals from previous years (added back the following January) For 2026, the annual TFSA limit is $7,000 . Step‑by‑Step: How to Calculate Your Room Use this simple formula: [ \text{TFSA Room} = \text{Unused Room from Prior Years} + \text{Current Year Limit} + \text{Withdrawals from Last Year} ] A quick example: Unused room from past years: $18,000 2026 limit: $7,000 Withdrawals made in 2025: $4,000 [ \text{Total Room} = 18,000 + 7,000 + 4,000 = 29,000 ] That means you could contribute $29,000 in 2026 without penalty. A Few Helpful Notes Over‑contributions lead to penalties, so it’s worth...
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Travel Insurance: A Must-Have When Travelling Outside Canada




Yes, you should buy travel health insurance before you leave Canada even for a day in the United States. Your Canadian health insurance may not pay your medical bills while you’re outside Canada. Your provincial or territorial health plan may cover none, or only a small part, of the costs of your medical care abroad. It will never pay your bills up front. Foreign hospitals can be very expensive and may require immediate cash payment. In some countries hospitals and clinics will not treat you if you do not have enough insurance or money to pay your bills. The Government of Canada will not pay your medical bills.

You can buy travel insurance through your travel agent, insurance broker, employer’s insurance provider or credit card company. Your travel health insurance policy should always cover the following 3 things: Medical evacuation, Pre-existing medical conditions and Repatriation in case of death.



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