Is there an FHSA withdrawal limit?

If you use your FHSA to buy your first property, you can withdraw the entire amount from your account tax-free.

However, there is a lifetime limit of $40,000 and an annual limit of $8,000. When you make a withdrawal, the interest earned is added to the amount you contributed.

 

Good to know

• Unlike the HBP, you don’t have to repay the amount withdrawn from your FHSA.
• No minimum holding period is required to make a withdrawal from your FHSA after a contribution.

 

For more details on different savings programs and their benefits, visit our savings and investments page.