What is the total FHSA annual limit?
by: Better Tax
While the "annual FHSA limit definition" is very complex, it is generally the amount that you are allowed to deduct for a particular year. In most cases it is the lesser of:
- $8,000, and
- the amount you actually contributed in the year (plus your net RRSP to FHSA transfers, if any).
If you didn't contribute $8,000 in any given year the balance will usually be your "FHSA carryforward" for that year.
The amounts coming through Auto-fill My Return are correct. You can find these on your prior year Schedule 15 forms. Look for "Annual FHSA limit for XXXX" in bold near the line number. Enter the total amount for prior years here.
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