FHSA Carryforward Rules — Not All Registered Plans Are the Same
When the FHSA is opened, the account holder is able to contribute $8,000 in annual participation room. Any unused amounts can be carried forward to the following year, but only to a maximum of $8,000 and subject to a lifetime limit of $40,000. This differs from the Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) where unused contribution room is carried forward indefinitely (or until age 71 for the RRSP) — there is no limit.
Read More