If you don’t withdraw the over-contribution, it will be applied to next year’s total once January 1 rolls around. You can help your spouse or common-law partner contribute to their FHSA by sharing funds with them, but whatever money you provide can’t be claimed as a deduction for ...
Unused contribution room can carry over to the following year Account can stay open for a maximum of 15 years or the year you turn 71, whichever comes first FHSA: FAQs 1. What is a FHSA? A First Home Savings Account (FHSA) is a tax-advantaged registered savings account designed to help...
is March 1, 2025. If you make contributions after this date, you’ll have to claim them as deductions on your 2025 tax returnThe deadline is December 31 for the 2024 tax year, and you must contribute before that date to have your contribution amount deducted from your 2024 taxable income...
Get closer to home ownership with the First Home Savings Account (FHSA) for first-time buyers. Learn about eligibility, contribution limits, and tax advantages.
Transfers from an RRSP to an FHSA do not restore your RRSP contribution room. In-kind transfers will not be available for the FHSA at this time Funds withdrawn from your FHSA that are not used to purchase a qualifying home are subject to income tax8. ...
is March 1, 2025. If you make contributions after this date, you’ll have to claim them as deductions on your 2025 tax returnThe deadline is December 31 for the 2024 tax year, and you must contribute before that date to have your contribution amount deducted ...