This article was sent bu turbo tax to me ( March 2026 )
If you have a Registered Retirement Savings Plan (RRSP), you can contribute up to 18% of your previous year's income, to a maximum of $32,490 in the 2025 tax year, up from $31,560 in 2024. Any unused contribution room carries forward indefinitely. Investment growth is tax-free—but withdrawals are taxable.
If you have a Tax-Free Savings Account (TFSA), the annual contribution limit for 2025 is $7,000, the same as it was for 2024. (It will also be $7,000 in 2026.) There's no deadline for TFSA contributions, though, so any unused contribution room you have carries forward into the new year. (See all the TFSA limits going back to 2009, when the account was introduced.) Investment growth in a TFSA is tax-free, as are TFSA withdrawals.
Old Age Security (OAS) is an income-tested benefit designed to provide retirees with a source of income to support their retirement. Put another way, the higher your income, the less OAS you may qualify for. However, the income threshold changes from year to year.
For the 2025 tax year, if your taxable income was over $93,454, you would need to repay some of your OAS in the recovery period from July 2026 to June 2027. If you're 65 to 74 and your taxable income was over $152,062, or you're 75 or over and your taxable income was $157,923 or more, you will not receive any OAS payments.