Can an FHSA contribution still count for last year?
Yan Zhou (周艳) · Licensed Life & Health Insurance Agent, Financial Services Regulatory Authority of Ontario (FSRA)
The short version
- No. The FHSA has no 60-day grace period. The contribution year closes on 31 December.
- RRSP is the one with the grace period — contribute in the first 60 days of the next year and you can still deduct it against last year.
- FHSA room is $8,000 a year, $40,000 deductible over a lifetime.
- Money moved from an RRSP into an FHSA is not deductible, and it uses up the lifetime cap.
If something here applies to you, just ask me. Plain answers, no sales pitch.
(General tax information only. It is not tax advice. Circumstances differ — check the CRA website or speak to a qualified accountant before you act.)
The answer first
Opening an FHSA in February and putting $8,000 in will not reduce last year’s tax.
CRA’s wording: “The contribution period for FHSAs is from January 1 to December 31 of the same year.”
There is no mechanism to apply it backwards.
Source: CRA, “Tax deductions for FHSA contributions”, checked 11 August 2026.
Why so many people assume otherwise
Because the RRSP does work that way, and every February is full of RRSP advertising.
| Account | To deduct against a given year, money must arrive |
|---|---|
| RRSP | During the year, or in the first 60 days of the next |
| FHSA | 1 January to 31 December of that year |
| TFSA | Never deductible, so it does not arise |
Is it still worth opening now?
Yes, and sooner rather than later.
FHSA room only starts accruing in the year you open the account. No account means no room accumulating.
The first year gives you $8,000. Unused room carries forward, but only $8,000 of it.
So opening the account, even with nothing in it, locks in this year’s room.
One obligation comes with it: file Schedule 15 for the year you open your first FHSA, whether or not you contributed.
Can you move money from an RRSP?
You can transfer, but the transfer is not deductible.
The logic is simple enough — that money was already deducted when it went into the RRSP.
Worse, the transfer eats into your $40,000 lifetime deduction limit. Think it through before doing it.
Where it sits in the order
If you have not bought a home yet, the FHSA usually comes first. Deductible going in, tax-free coming out, and nothing to repay.
You can use it alongside the RRSP Home Buyers’ Plan for the same home — see Buying your first home: RRSP and FHSA together.
If something here applies to you, just ask me. Plain answers, no sales pitch.
(General tax information only. It is not tax advice. Circumstances differ — check the CRA website or speak to a qualified accountant before you act.)
