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I maximized my TFSA for the year. Can I contribute to my FHSA?
Yes. The TFSA and FHSA are separate savings plans.
FHSA contribution limits
The lifetime contribution limit is $40,000. The annual limit is $8,000. You can also carry forward up to $8,000 of your unused contributions to the following year.
TFSA contribution limits
The TFSA contribution limit is $6,500 for 2023. Contribution room starts at age 18 and you can carry over unused contribution room to the following year.
Related questions
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How to withdraw money from my TFSA? Here’s how to withdraw money from your TFSA. You should receive the funds in your National Bank account instantly. -
FHSA, RRSP or TFSA, which one to choose? Your RRSP (HBP), TFSA and FHSA are attractive savings programs for first-time buyers. Discover their distinct advantages. -
When will I receive my tax slips? Find out when your tax slips are due for the tax season. -
What is the minimum age for contributing to an RRSP? Find out at which age you can open an RRSP. -
Can I use multiple savings plans for my down payment? You can combine your RRSP (HBP), TFSA and FHSA when purchasing a property.
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