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RRSP vs TFSA vs FHSA — Which Should You Prioritize in 2026?

  Published: April 2026 | Reading time: 11 min | Category: Investing, Personal Finance, Tax Savings Three registered accounts. Three sets of rules. And most Canadians are using at least one of them wrong. The RRSP, TFSA, and FHSA each offer powerful tax advantages — but they work in completely different ways, and the right priority order depends entirely on your income, your goals, and your timeline. Picking the wrong one first can cost you thousands in taxes over your lifetime. This guide breaks down exactly how each account works, who it's best for, and the optimal contribution strategy for 2026 based on your situation. A Quick Overview of All Three Accounts Before diving into strategy, here's how each account actually works: RRSP TFSA FHSA Contribution deductible? Yes No Yes Growth taxed? No No No Withdrawals taxed? Yes (as income) No No (if for a first home) 2026 annual limit 18% of income, max $32,490 $7,000 $8,000 Lifetime li...
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gingerbread men cookies

 

  • Ingredients:

    • 1/2 cup butter, softened
    • 3/4 cup packed dark brown sugar
    • 1/3 cup molasses
    • 1 large egg
    • 1 tablespoon water
    • 2-2/3 cups all-purpose flour
    • 1 teaspoon baking soda
    • 1/2 teaspoon salt
    • 1 teaspoon ground cinnamon
    • 1 teaspoon ground ginger
    • 1/2 teaspoon ground allspice
    • 1/2 teaspoon ground cloves
    • Frosting of your choice

  • Instructions:

    1. Cream butter and brown sugar until light and fluffy, 5-7 minutes.
    2. Beat in molasses, egg and water.
    3. In another bowl, whisk together remaining ingredients minus frosting; gradually beat into creamed mixture.
    4. Divide dough in half. Shape each into a disk; cover. Refrigerate until easy to handle, about 30 minutes.
    5. Preheat oven to 350°. On a lightly floured surface, roll each portion of dough to 1/8-in. thickness. Cut with a floured 4-in. gingerbread man cookie cutter. Place 2 in. apart on greased baking sheets.
    6. Bake until edges are firm, 8-10 minutes. Remove to wire racks to cool completely.
    7. Frost as desired.

Enjoy your gingerbread men cookies! 

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