The 2026 RRSP limit is $33,810 and the TFSA limit is $7,000. Here is how each account saves tax, when each one comes out ahead, and the deadlines and mistakes to watch.
Author
Karim Bitar
Karim Bitar is the lead accountant at BBA Tax Accounting Services in Ottawa and an ELITE Certified QuickBooks ProAdvisor. He and his team prepare personal and corporate tax returns, keep the books for small businesses, handle GST/HST and payroll filings, and represent clients during CRA reviews and audits. His articles explain Canadian tax rules in plain language.
Articles by Karim
How to Reduce Your Tax Burden as a Contractor in Ottawa
Contractors in Ottawa face unique tax challenges. Unlike employees, they manage their own income, expenses, and tax remittances. Without proper planning, contractors can end up paying more than necessary.
Can the CRA Freeze My Bank Account? What to Do if It Happens
If you’ve ever woken up to find your bank account frozen by the Canada Revenue Agency (CRA), you know the feeling of panic that follows. Suddenly, you can’t access your money, pay bills, or make business transactions — and you may not even understand why.
How to Reduce Your Personal Taxes in Canada: 2026 Strategies
Practical, legal ways to lower your 2026 personal tax bill in Canada, from RRSP, TFSA and FHSA contributions to deductions, credits and income splitting, with the limits and deadlines that apply.
How to Respond to a CRA Review or Audit Letter
For many Canadians, nothing feels more stressful than opening the mailbox and seeing an envelope from the Canada Revenue Agency (CRA) marked “Review” or “Audit”.
Should I Hire an Accountant or Use TurboTax? Pros and Cons for Canadians
Deciding whether to “hire an accountant or use TurboTax” is one of the most common questions Canadian taxpayers — especially small business owners in Ottawa — ask every tax season. The short answer: for simple, one-job, straightforward returns TurboTax (or similar DIY software) is often fine;
How to Protect Your Small Business from a CRA Tax Audit
For small business owners in Canada, a CRA tax audit can be stressful, time-consuming, and potentially costly. Even when your records are accurate, the process can disrupt your operations and take focus away from running your business.
How to Pay Yourself as a Small Business Owner in Canada?
As a small business owner in Canada, one of the most important decisions you’ll make is how to pay yourself. Whether you're operating as a sole proprietor, a partnership, or a corporation, understanding how compensation works not only impacts your personal finances...