Here are the eligibility criteria for the Tax-Free First Home Savings Account (FHSA):
Is there a maximum contribution limit?
Good to know
Is there a time limit to use your FHSA?
The FHSA can stay open for a maximum of 15 years*. After that,
the funds will have to be used to buy a home or be transferred to an
RRSP or RRIF. The funds can also be withdrawn, but they will be
*Your FHSA has to be close on December 31 of the year in which the earliest of these events occur:
Can I carry forward a contribution to my FHSA?
You can carry forward up to $8,000 of unused FHSA contribution room to the following year.
If you contribute only $6,000 the first year, you can contribute the unused $2,000 the following year. Since this amount is in addition to the annual contribution limit of $8,000, you can contribute up to $10,000 in the second year.
Please note that your maximum contribution allowance is a total of $40,000.