FHSA contribution deadline in Canada: key dates and closing rules
People search for the FHSA deadline and usually mean one of two things: the last day to contribute for this year, or the date the account has to close. They are different dates with different consequences. This guide lays out both from CRA sources, shows how unused room carries forward, and explains the 1% monthly tax if you go over. For the dollar limits and room formula, see our companion guide to the FHSA contribution limit.
On this page
The yearly contribution deadline: December 31
The CRA says the contribution period for FHSAs is from January 1 to December 31 of the same year. A contribution counts for a year if it is made in that window. There is no minimum holding period before you can deduct it, and you can deduct it in the year you make it or in a later year.
As of the date of writing, that means December 31, 2026 is the last day to contribute for the 2026 calendar year. If you plan to move money in late December, give your bank time to process it, since processing days and holidays vary by institution.
No 60-day window like an RRSP
This is the trap. RRSP contributions made in the first 60 days of the year can be deducted on the previous year's return. The CRA says FHSA contributions made in the first 60 days of a year cannot be deducted on the previous year's return. If you want the deduction on your 2026 return, the money has to be in the FHSA by December 31, 2026. See our RRSP contribution deadline guide for the contrast.
| FHSA | RRSP | |
|---|---|---|
| Contribute by | December 31 of the year | 60 days after year end, for the prior year's deduction |
| First-60-days contributions | Count for the new year, not the previous one | Can be claimed on the previous year's return |
| Deduct later? | Yes, in a later year | Yes, in a later year |
Room, carry-forward and the cap
The CRA says your FHSA participation room in the year you open your first FHSA is $8,000. In later years you add up to $8,000 of carry-forward, so unused room can build, but the carry-forward is capped at $8,000. Room applies across all FHSAs you open, not to each one separately. Over your lifetime, the most you can deduct is $40,000. You must file Schedule 15 with your return for the year you open your first FHSA, even if you made no contributions.
Here is an illustrative example with made-up numbers. A person opens an FHSA in 2026 and contributes $3,000 that year. They have $5,000 of unused room, so the next year they have the new $8,000 plus a carry-forward of $5,000, for $13,000 of room in 2027. That is our arithmetic, not an official table. The point is that missing a December 31 deadline does not erase the room, but the carry-forward is capped, so a very large unused balance cannot build indefinitely. Check your CRA notice of assessment for your exact figure.
For the full formula and the room calculator, use the FHSA contribution limit guide, and for how the account works overall, FHSA explained.
What happens if you contribute too much
If you go over your room, the CRA says you pay a tax of 1% per month on the highest excess FHSA amount until it is removed. Excess amounts designated as withdrawals cannot be deducted in any year. A cautious rule is to check your room before a large deposit, especially near December 31 when you may be moving money quickly. Our guide to the FHSA over-contribution penalty explains how to fix it.
Some amounts are not deductible at all: contributions after your first qualifying withdrawal, contributions above the $40,000 lifetime limit, RRSP-to-FHSA transfers, investment losses, administration and brokerage fees, and interest on borrowed money.
The other deadline: when the account has to close
The FHSA does not last forever. The CRA says the maximum participation period starts when you open your first FHSA and ends on December 31 of the earliest of three events:
- The 15th anniversary of opening your first FHSA.
- The year you turn 71.
- The year following your first qualifying withdrawal.
The CRA's examples: opening in August 2025 ends the period on December 31, 2040, turning 71 in 2036 ends it on December 31, 2036, and a qualifying withdrawal in 2034 ends it on December 31, 2035. If you buy a home with a qualifying withdrawal, plan around the "year following" rule, and see how this fits with the FHSA and Home Buyers' Plan together and the first-time home buyer programs you can stack. Contributions made after a first qualifying withdrawal are not tax-deductible.
What to do with money left in the account
The CRA says you should close all your FHSAs before the maximum participation period ends, to avoid unintended tax consequences. Before the period ends, you can generally transfer property directly, on a tax-deferred basis, to an RRSP or RRIF. A taxable withdrawal of remaining property is included as income in the year you receive it, and the issuer reports it in box 22 of the T4FHSA.
If property remains after the period ends, the account loses its FHSA status. The fair market value at the end of December 31 of that year is included in your income for that year, reported in box 26 of the T4FHSA, and income earned after that is taxed under normal rules. To close, contact your FHSA issuer and follow its instructions; the issuer reports the closure to the CRA. See also RRSP vs TFSA for where the money might go next, and the tools page for calculators.
Questions people ask
What is the FHSA contribution deadline?
December 31 of each year. The CRA says the FHSA contribution period is January 1 to December 31 of the same year.
Can I contribute to my FHSA in the first 60 days of the year for last year's taxes?
No. The CRA says contributions made in the first 60 days of a year cannot be deducted on the previous year's return, unlike RRSP contributions.
What happens if I miss the December 31 deadline?
Your contribution counts for the new year instead. You can still deduct contributions in a later year, and unused participation room can carry forward, up to $8,000. A contribution made before you are ready for it is not lost, but it cannot be claimed on the earlier return.
How much unused FHSA room carries forward?
The CRA says the carry-forward is capped at $8,000. The FHSA participation room in the year you open your first FHSA is $8,000, and the lifetime deduction limit is $40,000.
What happens if I over-contribute to my FHSA?
The CRA says you pay a tax of 1% per month on the highest excess FHSA amount until it is removed, and excess amounts designated as withdrawals cannot be deducted in any year.
When does my FHSA have to close?
On December 31 of the earliest of: the 15th anniversary of opening your first FHSA, the year you turn 71, or the year following your first qualifying withdrawal. Close all FHSAs before then to avoid unintended tax consequences.
What if I do not close the FHSA in time?
The CRA says the account loses its FHSA status, and the fair market value at the end of December 31 of that year is included in your income for that year, reported in box 26 of the T4FHSA.
Looni reads your statements and flags fees and money leaks, so there is more left to save before December 31. Read-only, no advice, and Looni is not a bank.
Sources
Canada Revenue Agency, Tax deductions for FHSA contributions (contribution period January 1 to December 31, deduct in the year made or later, no first-60-days deduction, $40,000 lifetime deduction, carry-forward of unused contributions, excess contributions and the 1% monthly tax, non-deductible items), Participating in your FHSAs ($8,000 in the year you open your first FHSA, $8,000 carry-forward cap, room across all FHSAs, Schedule 15) and Closing your FHSA (maximum participation period ending December 31 of the earliest of the 15th anniversary, the year you turn 71, or the year following your first qualifying withdrawal; transfer to an RRSP or RRIF; T4FHSA boxes 22 and 26). The room figures in the example are illustrative; the arithmetic is ours.