How much can I put in my FHSA this year?
Enter the year you opened your first FHSA and what you contributed each year. Room only starts once the account is open, so opening early helps even if you contribute later.
Your estimate
What the calculator assumes.
Room. $8,000 in the year you open your first FHSA. Each later year adds $8,000, plus up to $8,000 of room you did not use the year before, until you reach the $40,000 lifetime limit. Source: Canada Revenue Agency.
Time limit. Your FHSAs can stay open until December 31 of the year of the 15th anniversary of opening your first one, the year you turn 71, or the year after your first qualifying withdrawal, whichever comes first.
Not included. Transfers from an RRSP use room but are not deductible; excess amounts and re-participation room are not modelled. Check your CRA account for the official figure.