The Registered Retirement Savings Plan remains the cornerstone of retirement savings for most working Canadians, but the rules governing the account changed meaningfully at the start of 2026. Whether you are a first-time contributor or have been maximising your RRSP for decades, the following changes deserve your attention.
Higher Contribution Limit for 2026
The RRSP contribution limit for the 2026 tax year is $32,490 — up from $31,560 in 2025 — reflecting indexation to average wage growth. You can contribute up to 18% of your 2025 earned income, to a maximum of $32,490, minus any pension adjustment. Unused room carries forward indefinitely, and the CRA will show your available room on your Notice of Assessment or through My Account.
First Home Savings Account Integration
Effective January 2026, transfers from the First Home Savings Account (FHSA) to an RRSP are now permitted without tax consequence, giving first-time home buyers who did not ultimately purchase a property the ability to roll their FHSA balance into an RRSP on a tax-deferred basis. The transferred amount does not count against RRSP contribution room, making this an attractive fallback for FHSA account holders who change their plans.
Home Buyers' Plan Updates
The Home Buyers' Plan (HBP), which allows first-time buyers to withdraw up to $60,000 from their RRSP for a home purchase, now has an extended repayment window of 20 years, up from 15 years previously. This change was backdated to apply to all outstanding HBP balances, providing immediate relief to Canadians who withdrew from their RRSP in 2020 and 2021 during the pandemic-era housing surge and are now in the repayment phase.
Spousal RRSP Changes
The attribution rules for spousal RRSPs have been modified. Previously, withdrawals from a spousal RRSP within three calendar years of any contribution were attributed back to the contributing spouse for tax purposes. Effective 2026, this attribution window has been shortened to two calendar years, giving couples more flexibility to implement income-splitting strategies in retirement planning.