Yes, the contribution limit of $8,000 per year must be respected:
Here’s an example:
You contributed $10,000 to your FHSA on November 15, 2023. Since this contribution exceeds the annual limit of $8,000 by $2,000, you’ll have to pay a penalty of $40, which is 1% of the excess for two months (1% x $2,000 x 2 months). That extra $2,000 will then be subtracted from your contribution limit for 2024, which will now be $6,000.
To learn more, visit the Canada Revenue Agency website.
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