FHSA Contribution Limits: How Much Can You Save for Your First Home? (Part 2/5)
- Natesh Pillai
- Aug 5
- 1 min read
So, you're eligible for a First Home Savings Account (FHSA)! The next question is, how much can you actually contribute to help reach your homeownership goal? The FHSA comes with clear limits to help you plan your savings.
Initial Room to Grow: When you first open your FHSA, you'll start with $8,000 in "participation room." This room becomes available only once your account is officially opened.
Annual & Lifetime Limits:
Each year after your FHSA is opened, you'll get an additional $8,000 in new participation room.
There's also a generous lifetime contribution limit of $40,000. This means over time, you can contribute up to $40,000 in total to your FHSA.
Important Notes:
You don't lose unused participation room! If you don't contribute the full $8,000 in a year, you can carry it forward to use in the following year.
Having multiple FHSAs doesn't increase your total room – the limits apply across all your FHSA accounts.
Knowing these limits helps you plan your savings strategy effectively for your future home!
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