Staying informed about financial limits and benefits is essential for effective planning. The 2025 Canada Money Facts infographic provides a clear breakdown of key financial limits, including TFSA, RRSP, FHSA, RESP, CPP, and OAS. Here’s what you need to know:
Tax-Free Savings Account (TFSA)
The 2025 TFSA contribution limit is $7,000, bringing the cumulative contribution room to $102,000 for those who have been eligible since the TFSA was introduced in 2009 and have never contributed. However, the total allowable contribution room depends on when an individual became eligible. Since eligibility begins at age 18 or 19, depending on the province, those who turned the required age after 2009 or became Canadian residents later will have a lower cumulative limit based on the years they qualified. This account remains a flexible, tax-free way to grow your savings.
Registered Retirement Savings Plan (RRSP)
The RRSP contribution limit for 2025 is $32,490, based on 18% of earned income from the previous year, with a required income of $180,500 to maximize contributions. Contributing to an RRSP can provide tax deferral benefits and help with long-term retirement planning.
First Home Savings Account (FHSA)
Introduced in 2023 to help first-time homebuyers, the FHSA contribution limit remains at $8,000 for 2025, with a maximum cumulative contribution limit of $24,000. However, eligibility begins at the age of majority, which is 18 or 19 depending on the province. Since the account must be opened before contributions can begin, and the FHSA was only introduced in 2023, individuals who became eligible later will have a lower cumulative contribution room. Contributions are tax-deductible, and withdrawals used for a first home purchase are tax-free, making this account a valuable tool for homeownership savings.
Registered Education Savings Plan (RESP)
The lifetime RESP contribution limit remains at $50,000 per beneficiary, with a maximum annual CESG grant of $500 and a lifetime CESG maximum of $7,200. This is a great way to plan for a child’s future education.
Canada Pension Plan (CPP) & Old Age Security (OAS)
- CPP retirement benefits can reach up to $17,196 annually, while disability benefits max out at $20,079.
- OAS pensions for 2025 provide up to $8,732 per year (ages 65-74) or $9,605 per year (age 75+), but high-income earners may face a clawback if net income exceeds $93,454.
This infographic is a quick reference to help Canadians stay on top of their savings and retirement planning. Whether you’re maximizing contributions, planning for retirement, or saving for a child’s education, understanding these limits ensures you’re making the most of available benefits.
Stay ahead in 2025 by planning wisely and optimizing your financial future!