https://www.canada.

ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-
account/contributing-your-fhsa.html

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:

• plus$8,000 (new FHSA participation room for the next year)

• +plusyour unused FHSA participation room at the end of the
current year (max. $8,000), subject to the lifetime FHSA limit
• =eqaulsnext year's FHSA participation room
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.

• Example – Participating to the maximum of your FHSA

participation room

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:

• plusYour FHSA participation room for the first year

 • –minusAll new contributions to your FHSAs and transfers
from your RRSPs to your FHSAs in the first year
• =equalsYour unused FHSA participation room at the end of
the first year
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.

• Example – Unused FHSA participation room from one year

• Example – Unused FHSA participation room amount from more
than one year
• Example – Income earned by your FHSA does 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.

• Example – Your excess FHSA amount impacts your FHSA

participation room for future years

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.

• Example – Participating in more than one FHSA

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:

• Latest notice of assessment

• Latest notice of reassessment
• Form T1028, Your RRSP, HBP, LLP or FHSA information for
2024

• Example – Finding your FHSA participation room on your notice

of assessment
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.