Core · 4-min read
Hey {{first_name|there}},
About 2,300 soccer fields. For $75,000.
In the early 1930s, the Guinness family (yes, the beer family) bought about 4,000 acres of West Vancouver mountainside, roughly 2,300 soccer (futebol) fields’ worth of land. There was one problem: you couldn’t easily get there.
So they built a bridge. The Lions Gate opened in November 1938. It cost about $6 million, and crossing it cost a car 25 cents. The land became the British Properties, now one of the priciest neighbourhoods in the country.
They didn’t just buy land. They understood the system around it.
You don’t need to build a bridge. Canada already built three for you. Most people just never learn how to cross them.
The Seed: three accounts, three jobs
TFSA: the must-have
If you’re 18 or older and live in Canada, get one. Growth is tax-free, and withdrawals are tax-free, any time, for any reason.
Room: $7,000 for 2026. Unused room carries forward since 2009, up to $109,000 if you’ve been eligible the whole time.
Withdrawals come back: what you take out returns as room on January 1 of the next year.
Watch out for: over-contributing, which costs 1% a month on the excess. It isn’t just a savings account either: it can hold GICs, funds or ETFs.
RRSP: a tax tool, depending on your income
You get a deduction now and pay tax when you take the money out later. It works best when your tax rate today is higher than it will be when you withdraw.
Room: 18% of last year’s earned income, up to $33,810 for 2026. Unused room carries forward.
The refund depends on your bracket. A $5,000 contribution saves about $1,000 at a 20% rate, or about $2,000 at 40%. (Illustration only.)
Employer match? If your workplace matches RRSP contributions, that match is usually the first money to grab. It’s an instant return before any growth.
Watch out for: withdrawals are taxed as income, and that room is gone for good (the Home Buyers’ Plan is an exception).
FHSA: the first-home booster
If you’re a first-time buyer, it combines both: deductible going in like an RRSP, tax-free coming out like a TFSA, for a qualifying first home.
Room: $8,000 a year, $40,000 lifetime. Room only starts in the year you open your first FHSA.
No home in the end? You can move the money to your RRSP tax-free without using any RRSP room. The account can stay open for up to 15 years.
Deadline: contributions count toward the calendar year, so Dec 31 is the cut-off for 2026 room.
The usual order: an emergency fund first → any employer match → TFSA → RRSP or FHSA, depending on your income and plans → only then a regular, non-registered account. Your life decides the exact order.
Bonus: where you hold what matters too
Once you’ve got more than one account, what sits where changes how much tax you pay:
Interest (GICs, savings, bonds) is taxed like your salary, so shelter it in a registered account first.
Canadian dividends get a dividend tax credit, so they’re among the gentlest income to hold in a regular taxable account.
US dividends: the US keeps 15%. An RRSP is usually exempt by treaty. A TFSA isn’t, and you can’t get that 15% back.
Capital gains: only half is taxable, and only when you sell, so in a regular account, timing matters.
Small choices here add up over decades.
The Move: the 3-question check
Do I have a TFSA? If not, open one this week, even if you start with $25.
Does my employer match RRSP contributions? Ask HR. If yes, contribute at least enough to get the full match.
Might I buy a first home in the next 15 years? Consider opening an FHSA before Dec 31, even with $0, so the room starts building.
Then log in to CRA My Account and write down your TFSA room and your RRSP limit. Many people have thousands in room they’ve never used. (CRA updates the TFSA figure each spring, so subtract anything you’ve put in this year.)
4 dates to put in your calendar
Dec 31, 2026: FHSA year-end. The last day for contributions to count toward your 2026 room.
Jan 1, 2027: new TFSA room. A new year of room, plus anything you withdrew in 2026.
Mar 1, 2027: RRSP deadline. The last day for contributions to count on your 2026 return.
Apr 30, 2027: tax day. Filing is also how CRA keeps track of your room.
Add all four in one tap: plantednorth.ca/calendar
THE RING
$0
The tax you pay on a TFSA, on the growth and on the withdrawal. Put in $7,000, let it grow to $20,000, take it all out: CRA gets nothing.
Know someone who’s still confused by these three? Forward this to them.
Field Notes
Here’s my own mix, and why.
The TFSA came first. A weekly automatic deposit has been running for over two years now. I also have an RRSP. It’s part of my tax strategy, and my company matches part of what I put in, which is about as close to free money as it gets.
I also opened an FHSA, but I haven’t put any money in it. I’m not planning to buy in the short term. Personally, I think prices are overvalued right now, so putting money toward a home today wouldn’t be the best use of my resources. That’s my read, not a forecast. Opening it cost nothing and started the clock: the room builds while I wait, and if I never buy, it can move to my RRSP tax-free. That will likely change with time. Once my TFSA room is full, funding the FHSA is on the table.
That’s the point. There’s no perfect order. It depends on your context and the moment you’re in. That’s why I think it’s worth learning the basics of the money system where you live. Time is the one resource none of us can earn back, and most of us trade it, hour by hour, for a paycheque. Knowing the rules makes sure that time works as hard as you do.
If you take one thing from today, let it be the spark to act: organize your plan, write down your goals, and take the first step this week.
Reply with A, B or C: Which account are you focusing on right now?
A) TFSA · B) RRSP · C) FHSA
(Not sure yet? Reply “?” and tell me what’s confusing. I read every reply.)
Plant today. Grow for decades.
Lucas
Educational content only, not personalized financial advice. 2026 limits and rules from CRA; conditions apply, so check your own room and eligibility. The refund example is an illustration, not a forecast. My view on home prices is a personal opinion. No stock or coin picks, ever: plantednorth.ca/standards
Sources: CRA (canada.ca): TFSA and RRSP 2026 dollar limits; TFSA room and over-contributions; RRSP deduction limit; FHSA rules and transfers; Home Buyers’ Plan; dividend tax credit; capital gains · Lions Gate Bridge: North Shore News (Nov 2018); Wikipedia; The Canadian Encyclopedia · US withholding: Canada–US tax treaty (RRSP exemption)