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Understanding Your TFSA Contribution Room in 2026

A Tax‑Free Savings Account (TFSA) is one of Canada’s most flexible and powerful savings tools, but figuring out your exact contribution room can feel like solving a puzzle. A clear breakdown makes it much easier. How TFSA Contribution Room Works Your available room is made up of three parts: Annual TFSA limit for the current year Unused contribution room from previous years Withdrawals from previous years (added back the following January) For 2026, the annual TFSA limit is $7,000 . Step‑by‑Step: How to Calculate Your Room Use this simple formula: [ \text{TFSA Room} = \text{Unused Room from Prior Years} + \text{Current Year Limit} + \text{Withdrawals from Last Year} ] A quick example: Unused room from past years: $18,000 2026 limit: $7,000 Withdrawals made in 2025: $4,000 [ \text{Total Room} = 18,000 + 7,000 + 4,000 = 29,000 ] That means you could contribute $29,000 in 2026 without penalty. A Few Helpful Notes Over‑contributions lead to penalties, so it’s worth...
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COP28 reaches landmark agreement to transition from fossil fuels

 



In a historic breakthrough, the COP28 climate summit in Dubai concluded on Wednesday with a deal that commits nearly 200 countries to start reducing their reliance on fossil fuels and shift to renewable energy sources.

The agreement, which was reached after two weeks of intense negotiations and a day of overtime, marks the first time that the world has explicitly recognized the need to transition away from oil, gas and coal, the main drivers of global warming.

The deal also sets ambitious targets for increasing renewable energy capacity, cutting coal use, and deploying technologies that can capture and store carbon emissions. It aims to achieve net zero emissions by 2050, in line with the latest scientific findings.

The deal was hailed as a historic moment by many countries, especially the small island states that are most vulnerable to the impacts of climate change. They had pushed hard for strong language on phasing out fossil fuels, despite facing resistance from the OPEC group of oil producers, led by Saudi Arabia.

The COP28 president, Sultan Al Jaber, who is also the UAE minister of industry and advanced technology, said the deal was a “clear signal” to investors and policy-makers that the world is united in its desire to break with fossil fuels and embrace a clean-energy future.

However, he also stressed that the success of the agreement would depend on its implementation, and urged countries to take concrete actions to fulfill their commitments.

The deal was welcomed by environmental groups, who praised it as a significant step forward in the global fight against climate change. However, they also warned that more work is needed to ensure that the transition is fair and equitable, and that the most vulnerable communities are supported and protected.

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