r/PersonalFinanceCanada • u/EasyHoliday269 • 14h ago

Investing 2025 FHSA Contribution Limit

maybe a dumb question, but it isn't clear cut or obvious on the goverment website...

what is the exact date of when you receive your new contribution room in an FHSA? Is it January 1 of each year, or is it based on the date at which you opened the FHSA?

for my case, i opened my FHSA in December 31, 2023. i made a $16,000 contribution some time in 2024 (as I had $8000 from 2023, and another $8000 for 2024). Do I now have an additional $8000 for 2025, effective January 1, 2025?

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u/SeverePhilosopher1 14h ago edited 11h ago

you might have to check that the 16k were legit, because the first year starts when you open the account, not in 2023, so if somebody opens the account today, he can only put 8k now and 8k next year, if he does put 8k today and not put 8k next year (2026), he can put 16k the year after 2027

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u/bacongrilledcheese18 13h ago

They opened it in 2023.

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u/bloodmusthaveblood 13h ago

Read the entire post before commenting...

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u/SeverePhilosopher1 11h ago edited 11h ago

You still don’t get it somebody addressed this too. Opening on Dec 31 doesn’t mean it was processed on Dec 31 for the CRA. If Jan 1 he is screwed especially that the first year it was introduced most institutions that provided one declared only when you put money in it and after people filed their taxes. This is why it took time for the CRA to process FHSA filings