How does an FHSA work?

  • Annual tax-deductible contribution limit is $8,000, up to a lifetime maximum of $40,000.
  • After the FHSA has been opened, unused contribution room can be carried forward to the following year, up to a maximum of $8,000.
  • Funds must be used by December 31st of the 15th year after opening your first FHSA, or the year you turn 71 years old (whichever comes first).
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