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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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Boxing Day Sales See Smaller Crowds Despite GST Break

 

Retailers across the country experienced smaller crowds and cautious spending on Boxing Day this year, despite the federal government's GST holiday. While the tax break, which makes a variety of items GST-free for two months, did attract some shoppers, many consumers remained hesitant due to ongoing cost of living concerns.

Shoppers at Fairview Mall in Toronto, like Nakul Singal, took advantage of the deals but expressed that the tax break alone wasn't enough to offset the high costs of living**. Singal mentioned, "It's good to shop around during this time, but we're still struggling with expenses, especially housing.

Retail Council of Canada's Matt Poirier noted that businesses faced challenges implementing the tax break on short notice, and some older payment systems struggled to adapt.  An RBC Economics report also indicated that retail spending slowed in November, with holiday spending slightly below 2023 levels over the Black Friday weekend.

Despite these challenges, some retailers, like GameStop in north Toronto, saw an influx of customers eager to benefit from the tax holiday. Assistant store manager Joey Comia-Orellano said, "We've been getting shoppers before Boxing Day, and we expect it to get busier as consumers look to save with Boxing Day deals combined with the tax break."

Overall, while the GST break provided some relief, it wasn't enough to fully counteract the economic pressures faced by many Canadians.




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