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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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Unlocking the World: 5 Essential Tips for First-Time Travel Credit Card Users

 

Stepping into the world of travel credit cards can be both exciting and overwhelming. If you’re new to this, here are five key things you need to know to make the most of those enticing perks:

  1. Understand Your Credit Score: Before applying for a travel credit card, it’s crucial to check your credit score. A good score increases your chances of approval and access to better rewards. If your score needs improvement, consider building it up with a secured or student credit card first.

  2. Match the Card to Your Travel Goals: Different travel credit cards offer various perks, from points for flights and hotels to free checked baggage and lounge access. Think about your travel habits and goals to choose a card that aligns with your needs.

  3. Be Aware of Fees: Many travel credit cards come with annual fees. While these fees can be offset by the rewards and benefits, it’s important to ensure that the perks you receive are worth the cost.

  4. Maximize Your Rewards: To get the most out of your travel credit card, use it for everyday purchases to accumulate points or miles. Pay attention to bonus categories where you can earn extra rewards, such as dining, travel, or groceries.

  5. Know the Redemption Options: Understanding how to redeem your points or miles is essential. Some cards offer flexible redemption options, while others may have restrictions or blackout dates. Choose a card that offers the most convenient and valuable redemption options for you.

By keeping these tips in mind, you can navigate the world of travel credit cards with confidence and start enjoying the perks that come with them. Happy travels!


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