FHSA contribution limit

Taxes

I noticed a discrepancy in the FHSA contribution limit displayed in my CRA account and would appreciate some clarification.

I opened my FHSA account in 2023. Based on the annual contribution limit of $8,000, I expected the total limit over three years (2023, 2024, and 2025) to be $24,000. However, the limit currently reflected in my CRA account, when compared with my actual contributions to date, suggests a total of only $16,000. It seems like one year of contribution room is missing. Could you help clarify if I'm misunderstanding how the limit is calculated?

Additionally, I contributed a total of $10,000 across 2023 and 2024, expecting the entire amount to be eligible for a tax rebate in a single fiscal year. However, I received a tax rebate for only $8,000. Can you please confirm if the remaining $2,000 will be considered in the next tax year’s filing, or if there’s something else I should be aware of?

Thanks in advance for your help.

Posted Apr 15, 2025, 7:32 PM UTC

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