Canada Money Toolbox
Registered Accounts, Explained for Newcomers
TFSA, RRSP, FHSA — your home country's savings rules don't apply here.
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The key idea
Wrappers, not products
A TFSA, RRSP or FHSA is a tax wrapper.
The accounts
The three accounts, compared
Limits for 2026.
| Account | Limit | In | Out | Newcomer | Best |
|---|---|---|---|---|---|
| ... | |||||
| ... | |||||
| ... |
Watch out
Four traps that catch newcomers
Avoidable once you see them.
Trap
Trap
Trap
Order of operations
Which one first? A simple framework
This order works for most newcomers.
Step
Step
Step
Step
Step
Where the cash lives
HISA vs GIC, without the rate-chasing
A HISA keeps money flexible.
Tool
Your real TFSA room
Pick the year you became a tax resident.
Calculate your exact room
Tool
TFSA or RRSP: which one first?
Four questions, one honest recommendation.
Keep going
Where to open, and the parents' account
RESP
Brokerages
Not financial advice.
Good to know.