You can carry forward unused portions of your annual contribution limit in any year up to a maximum of $8,000.4 $40,000 lifetime contribution limit You must use your FHSA contributions within 15 years of opening the account, or by the time you turn 71 years old, whichever is sooner....
Annual contributions are capped at $8,000 up to a $40,000 lifetime contribution limit. A maximum of $8,000 unused contribution room can carry forward to the following year. The account can stay open for a maximum 15 years4or until the end of the year you turn 71 ...
If you contribute less than the $8,000 annual contribution limit, the unused contribution room would be added on to your annual limit for the following year, up to a maximum of $8,000. For example, if you contributed $4,000 to your FHSA in 2023, you would be able to contribute $12...
Annual contribution limit$8,000 (up to a max of $40,000)18% of previous year's income, up to $31,560 Tax impact on contributionsDeducted from taxable incomeDeducted from taxable income Tax impact on withdrawalsGrowth and withdrawals towards your first home are tax-freeTaxed as income (with...
FHSA is a first-time home buyer's tax-free savings account designed to help Canadians save for a down payment and help reach the goal of home ownership.
Annual tax-deductible FHSA contribution limit $40,000 Lifetime FHSA contribution limit $0 How much you’ll pay in taxes on FHSA earnings (if you make a qualifying withdrawal to use for your first home) Benefits When You Invest With RBC ...
Contributions are considered eligible if they meet the annual contribution limits, with individuals able to contribute up to $8,000 per year and a lifetime contribution limit of $40,000 over the FHSA’s 15-year lifespan.1 10. What types of investments can I hold in my FHSA? You can ...
No Yes (up to your personal deduction limit) Yes (up to the annual and lifetime limits) Do my savings grow tax-free or tax-deferred? Tax-free Tax-deferred (added to taxable income the year you take out the money; a withholding tax will also apply to early withdrawals) Tax-free if ...
Are contributions tax-deductible?NoYes (up to your personal deduction limit)Yes (up to the annual and lifetime limits) Do my savings grow tax-free or tax-deferred?Tax-freeTax-deferred (added to taxable income the year you take out the money; a withholding tax ...