Yes, just like with an RRSP or TFSA, you can carry forward your unused contribution room from the previous year to the next. You can carry forward up to $8,000 of your unused contributions to the next year.

 

Here’s an example:

You contribute $6,000 to your FHSA in 2023. Since the annual limit is $8,000, you can add the unused $2,000 to the following year, for a total of $10,000 in contributions in 2024.

However, you may not exceed the lifetime contribution limit of $40,000.