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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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Your daily horoscope: May 6, 2025

 

IF TODAY IS YOUR BIRTHDAY

A Venus-Pluto link on your birthday will encourage you to make more of your talents over the coming year. For best results though you need to move on from the old way of doing things and embrace new ideas and new creative techniques.

ARIES (March 21 - April 20):

Turn on the charm today and make sure everyone knows you are in one of those moods when you want nothing more than to help other people. But don’t do things for them without being specifically asked to. Not everyone will want a helping hand.

TAURUS (April 21 - May 21):

Venus, your ruler, links with power planet Pluto today, which means you will get your way by combining affection with confidence. Who in their right mind would want to refuse someone whose outlook on life is so happy and helpful?

GEMINI (May 22 - June 21):

Don’t make too big a fuss over an issue you feel strongly about. You may have every right to be annoyed but if your rivals get the impression that you are thinking emotionally rather than logically they will see it as a weak spot to be exploited.

CANCER (June 22 - July 23):

According to the planets you are not pushing yourself forward enough on the work front. It may not be in your nature to make much of a noise but on this occasion you must speak up and let everyone know about your big ideas.

LEO (July 24 - Aug. 23):

If you approach a tough assignment from an unusual angle today you will handle it with ease and impress your superiors. The only danger may be that having seen how well you dealt with the situation they then pile even more work on your shoulders.

VIRGO (Aug. 24 - Sept. 23):

You may not agree with how a loved one is behaving but is it your place to intervene? Probably not. Unless they are actually doing something illegal your best course of action is to leave them to it. If you get involved you may regret it.

LIBRA (Sept. 24 - Oct. 23):

Keep your opinions to yourself over the next 24 hours because even if your words are well-intentioned they will almost certainly be taken the wrong way. You may win the argument but what’s the point if you end up losing a friend?

SCORPIO (Oct. 24 - Nov. 22):

Try not to be quite so intense today. As your ruler Pluto is on good terms with Venus the less pushy you are the better. You can be quite charming when the mood takes you and if it takes you today you’ll have a ton of fun.

SAGITTARIUS (Nov. 23 - Dec. 21):

You may be enthusiastic about a cause of some sort but you cannot expect friends and family members to share your passion. By all means get more deeply involved today but don’t make the mistake of trying to force others to join you.

CAPRICORN (Dec. 22 - Jan. 20):

Something that looked difficult yesterday will look ridiculously easy today and you will give yourself a mental kick for missing the obvious solution. Don’t be too hard on yourself though as you may be the only one who managed to work it out.

AQUARIUS (Jan. 21 - Feb. 19):

Let loved ones know how you feel today but keep what you say on a friendly level. Pluto’s influence in your sign means that passions are running high at the moment and if you come on too strong you could face an uncomfortable backlash.

PISCES (Feb. 20 - Mar. 20):

Forget about pleasing other people today and do only what makes you feel good. That may sound a bit selfish but the fact is you have done enough for friends, colleagues and even family members and must now look out for yourself.

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