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 The funds can also be withdrawn, but they will be
Does my contribution limit carry over from one year to the
Unlike a TFSA or RRSP, unused annual contribution room cannot be
carried over to a future year.
If you contribute $6,000 in the first year, you lose the $2,000 of unused contribution room for that year. However, you can still save up to $40,000.