FHSA vs TFSA vs RRSP 2026 — Which one to choose in Quebec? | Assur360
The three plans FHSA, TFSA and RRSP are the three pillars of tax planning in Canada. Everyone has their strengths, their limits and their goal. Here is a detailed comparison in 2026 to help you choose, with numerical examples in Quebec.
Detailed comparison of FHSA vs TFSA vs RRSP
| Feature | FHSA | TFSA | RRSP |
|---|---|---|---|
| 2026 Annual Cap | $8,000 | $7,00018 | %Revenue (max ~$33K) |
| Lifetime Cap | $40,000Stack | Indefinite (~$95K in 2026) | None |
| Tax Deduction | ✓ | ✗ | ✓ |
| Sheltered growth | ✓ | ✓ | ✓ |
| Tax-Free Withdrawal | ✓ (1st Property Purchase) | ✓ Always | ✗ Taxed |
| Restriction of use | Purchase of property (otherwise → RRSP) | No | Retirement (HBP possible) |
| Age limit | 71 years None | 71 years old (then RRIF) | |
| Maximum term | 15 years | Lifetime | Up to age 71 |
| For 1st buyer | ★★★★★ | ★★★ | ★★★ (RAP) |
| For Limited Retirement | ★★★★★ | ★★★★★ | |
| For emergency funds | Not adapted | ★★★★★ | ★ (imposed) |
Which plan should you choose for your situation?
🏠 You want to buy your first home in <15 years
Choose the FHSA first. You accumulate the down payment, reduce your taxes, and withdraw tax-free on purchase. Combined couple limit: $80,000. Combinable with HBP to reach $100K+.
💼 You earn more than $60,000/year and plan for retirement
Maximize the RRSP first. You’re in a high tax bracket now — the immediate deduction is beneficial. When you retire, you will withdraw to a lower bracket. Combine with TFSA for flexibility.
🏖️ You earn less than $50,000/year
Prioritize the TFSA. With a modest income, the RRSP deduction provides little immediate value, but the withdrawal required in retirement (with less OAS/GIS) can be very penalizing. The TFSA avoids this trap.
🚨 You want an emergency fund (6 months of expenses)
TFSA only. Instant tax-free access. Avoid RRSPs (withdrawal penalty) and FHSA (restricted to the purchase of property). See the Assur360 emergency fund calculator.
CUSTOM SIMULATOR
Compare the 6 plans according to your profile
Our Monte Carlo simulator calculates the best HSASA / RRSP / TFSA / RRIF / RESSP / VRSP mix for you.
Launch the simulatorCombined strategy — Maximize the 3 diets
Open FHSA as early as age 18 (even without contributing)
Start the account at 15 years + start the accumulation of benefits. First-time buyer = lose nothing.
Maximize FHSA ($8,000/year for 5 years = $40K)
Deduction + tax-free growth + tax-free withdrawal = unique combo. Priority #1for 1 st buyer.
Top up with RRSP for the HBP ($60,000)
Once the FHSA is full, the RRSP HBP adds an additional $60K (to be repaid over 15 years).
Maintain TFSA for Emergency Funds + Flexibility
The TFSA remains emergency savings + short-term goals. Always useful, especially in addition to the purchased residence.