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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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Trudeau Announces Significant Reduction in Immigration Targets

 

Prime Minister Justin Trudeau is set to announce a substantial decrease in Canada’s immigration targets for the coming years. This decision marks a significant shift from the government’s previous stance on immigration.

According to sources, the number of new permanent residents Canada will accept in 2025 is expected to drop to 395,000, down from the previously set target of 500,000. This reduction aims to address concerns about housing shortages, infrastructure strain, and the integration of new immigrants into Canadian society.

The announcement, which will be made later today, also includes plans to reduce the number of temporary residents for the first time. This move is seen as a response to growing public and political pressure to manage the country’s population growth more sustainably.

The government’s decision has sparked a range of reactions, with some praising the move as necessary for maintaining quality of life, while others criticize it as a step back from Canada’s tradition of welcoming immigrants.


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