2026 FHSA contribution limit
The FHSA contribution limit for 2026 is $8,000 of new participation room, with a lifetime maximum of $40,000 of contributions. This page covers how those two limits work, the deadline, the tax on an over-contribution and how to check your room. For the account as a whole, see the FHSA guide or the FHSA guides directory.
| Feature | Amount |
|---|---|
| Annual participation room | $8,000 |
| Lifetime limit | $40,000 |
Source: Canada Revenue Agency – First Home Savings Account.
How the limits work
| Rule | Details |
|---|---|
| Annual room | $8,000 in the year you open your first FHSA and each year after |
| Lifetime limit | $40,000 of contributions (and transfers in from an RRSP) in total |
| Unused room | Carries forward, capped at $8,000 |
| Most room in a single year | $16,000 (this year’s room plus the maximum carry-forward), plus any re-participation room from an earlier taxable withdrawal |
| Room before the account is open | None |
| Room after a taxable withdrawal | Returns the following year as re-participation room, except any part that removed an over-contribution |
| More than one FHSA | The limits apply across all of your FHSAs combined |
Opening your first FHSA is what starts the room: nothing accrues for earlier years, which is why when you open the account matters. At $8,000 a year, reaching the lifetime limit takes 5 years of full contributions.
Cumulative room if you contribute the maximum every year
| Year the account has been open | New room | Cumulative contributions at the maximum |
|---|---|---|
| 1 | $8,000 | $8,000 |
| 2 | $8,000 | $16,000 |
| 3 | $8,000 | $24,000 |
| 4 | $8,000 | $32,000 |
| 5 | $8,000 | $40,000 (lifetime limit reached) |
If you contribute less in some years, the unused room carries forward, but only up to the $8,000 cap. Year-by-year examples of partial contributions are on FHSA carry-forward rules. If money came out as a taxable withdrawal, the re-participation room it creates sits on top of these limits; see withdrawing from an FHSA not for a home.
How the FHSA limit compares
| Account | 2026 limit | Lifetime limit | Unused room |
|---|---|---|---|
| FHSA | $8,000 | $40,000 | Carries forward, capped at $8,000 |
| RRSP | 18% of prior-year earned income, up to $33,810 | None | Carries forward in full |
| TFSA | $7,000 | None | Carries forward in full |
Which of the three to fill first is covered on FHSA vs TFSA vs RRSP.
The contribution deadline: December 31
FHSA room runs on the calendar year:
| Contribution for | Deadline |
|---|---|
| 2026 | December 31, 2026 |
| 2027 | December 31, 2027 |
The RRSP’s first-60-days window does not apply: a contribution in January or February counts for the year it is made. The deduction is a separate question, since you can claim it that year or a later one; both are covered on the first-60-days rule and the FHSA.
Over-contributions
If your contributions go over your room, CRA charges a tax of 1% per month on the highest excess FHSA amount in each month. There is no buffer amount, so the tax applies from the first dollar over.
| Excess | Tax per month | Tax over 3 months |
|---|---|---|
| $500 | $5 | $15 |
| $1,000 | $10 | $30 |
| $5,000 | $50 | $150 |
CRA’s rules for an excess:
- An excess FHSA amount arises when your contributions plus transfers from RRSPs in a year are more than your participation room for that year.
- You pay 1% of the highest excess in each month, for every month until the excess is eliminated; there is no tax-free buffer.
- You report the excess and the tax on Form RC728, First Home Savings Account (FHSA) Return, with RC728-SCH-A.
- Next year's new room, on January 1, reduces or eliminates an excess still in place.
- A designated withdrawal, or a designated transfer to your RRSP or RRIF, removes it without being included in your income or using RRSP room; you make either by giving Form RC727 to your FHSA issuer.
- A designated amount can't exceed the excess at the time; a designated withdrawal is limited to the contributions you made and a designated transfer to the transfers you made from RRSPs, less amounts already designated.
- A taxable withdrawal also reduces an excess, but it is included in your income.
- A qualifying withdrawal does not reduce or eliminate an excess.
- An amount you designate is restored to your remaining lifetime limit.
A designated withdrawal creates no re-participation room, since it only takes out room you were never entitled to.
Form RC728 is due by June 30 of the calendar year following the year the tax applies.
How to check your FHSA room
| Where | What it shows |
|---|---|
| CRA My Account | Your FHSA participation room and related calculations |
| Your T4FHSA slips | The contributions and withdrawals each issuer reported |
| Your own records | The most current view, since CRA’s figures reflect what issuers have reported so far |
If you hold FHSAs at more than one institution, add up the contributions across all of them: the limits apply to the total.
Related guides
Sources
The figures and rules on this page come from these sources, last checked against them between August 29, 2026 and September 29, 2026. How we check facts.
- Canada Revenue Agency: FHSA: Participating in your FHSAs
- Canada Revenue Agency: FHSA: Definitions for FHSAs
- Canada Revenue Agency: How contributions affect your RRSP deduction limit
- Canada Revenue Agency: MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE
- Canada Revenue Agency: FHSA: What happens if you contribute or transfer too much to your FHSAs
- Canada Revenue Agency: Reporting FHSA activities on your income tax and benefit return
- Canada Revenue Agency: FHSA: Withdrawals and transfers out of your FHSAs