Participating in your FHSAs

Learn how much you can contribute or transfer into your first home savings accounts (FHSAs).

On this page

How much you can contribute or transfer

Your FHSA participation room for the year is the maximum amount that you may contribute or transfer to your FHSAs in the year without creating an excess FHSA amount .

Your FHSA participation room in the year you open your first FHSA =$8,000

Generally, your next year's FHSA participation room will be: 

The lifetime FHSA limit =$40,000

Generally, all contributions you make to your FHSAs and all transfers from your registered retirement savings plans (RRSPs) to your FHSAs will reduce your remaining lifetime FHSA limit.

Unused FHSA participation room

In the year you open your first FHSA, if the total of your contributions to your FHSAs or transfers from your RRSPs to your FHSAs is less than $8,000, you will have unused FHSA participation room  at the end of the first year. Generally, you calculate your unused FHSA participation room at the end of the first year as follows:

You can carry forward up to a maximum of $8,000 of unused FHSA participation room at the end of the year to use in the following year, (subject to the lifetime FHSA limit).

The income earned by your FHSA will not impact your unused FHSA participation room.

Exceeding your FHSA participation room

If your contributions and transfers to your FHSAs in the year exceed your FHSA participation room for the year, you may have an excess FHSA amount. For more information about an excess FHSA amount, go to What happens if you contribute or transfer too much to your FHSAs.

If you had an excess FHSA amount and you designated an amount as a designated transfer or a designated withdrawal, the designated amount will restore your remaining lifetime FHSA limit.

Participation room applies to all of your FHSAs 

Your FHSA participation room for the year applies towards all of the FHSAs you open. This means you can open more than one FHSA, but the total amount you can contribute to all of your FHSAs and transfer from your RRSPs to all of your FHSAs cannot be more than your FHSA participation room for the year.

You cannot participate in another individual's FHSA

Only the holder  of the FHSA can participate directly in their own FHSAs. In addition, only the holder of the FHSA can claim the FHSA contributions as a tax deduction on their income tax and benefit return.

For more information about tax deductions for your FHSA contributions, go to Tax deductions for FHSA contributions.

Where to find your FHSA participation room

You must file your income tax and benefit return for the year that you opened your first FHSA to let us know that you opened an account, even if you did not contribute to your FHSA or transfer property from your RRSPs to your FHSA in that year. More information about where to include the above information will be available at a later date.

After you have filed your income tax and benefit return and filled out the schedule indicating that you have opened your first FHSA, you can find the details about your FHSA participation room for the following year on your:

If the CRA reassesses your income tax and benefit return, your new FHSA participation room will appear on your notice of reassessment or, in some cases, on Form T1028.

If you do not have a copy of your notice of assessment or reassessment nor a Form T1028, you can find your FHSA participation room by calling the individual tax enquiries line at 1-800-959-8281.

Reporting contributions and transfers in your FHSAs

Your FHSA issuer will give you a T4FHSA First Home Savings Account Statement slip showing the total amounts you contributed to your FHSAs in box 18, and the total amounts you transferred from your RRSPs to your FHSAs in box 32 and box 34.

You must file your income tax and benefit return and fill out a schedule to report your contributions and transfers to your FHSAs in the year. More information about the schedule will be available at a later date.

For more information about your T4FHSA slip and how to report it on your income tax and benefit return, go to Reporting FHSA activities on your income tax and benefit return.

Page details

Date modified: