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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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Trump Proposes New Agency to Collect Foreign Revenue

 


In a recent announcement, President-elect Donald Trump revealed plans to establish a new government agency called the External Revenue Service. This agency aims to collect tariffs, duties, and other revenues from foreign sources. Trump stated that this move is intended to shift the tax burden away from American citizens and onto foreign entities that benefit from trade with the United States.

The announcement has sparked significant debate. Supporters argue that it will ensure foreign companies pay their fair share, while critics warn that it could lead to increased costs for American consumers and potential retaliation from trade partners. The specifics of how this new agency will operate remain unclear, and it is uncertain whether it will replace existing functions performed by agencies like U.S. Customs and Border Protection.

Trump's proposal has also drawn criticism from some lawmakers, who view it as a rebranding effort that could result in a multi-trillion-dollar tax hike on American families and small businesses. As the inauguration approaches, the details and potential impacts of this new agency will be closely watched.


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