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Saving & planning
15 answers
- How much should I contribute to my FHSA?While the answer is different for everyone, an FHSA is a very tax-advantageous savings account if you are planning on buying an eligible home in the next 15 years.
- How much should I contribute to my RRSP?The right amount depends on your income, budget, and what you're saving for. Compare an RRSP with a TFSA or FHSA, then check your room.
- How do I change my RRSP deduction?Optimize your return first, then use the Override switch in the optimization section to set your RRSP deduction.
- What is the total FHSA annual limit?For this field, add the annual FHSA limits shown on your prior Schedule 15 forms, or use the amounts from Auto-fill.
- What is an FHSA carryforward?FHSA carryforward has its own calculation. It isn't the same as unused contributions or unused participation room.
- What is the maximum participation period (MPP) for my FHSA?Your FHSA has a time limit, based on when you opened it, your age, and whether you've made a qualifying withdrawal.
- What is total FHSA participation room from all prior years?FHSA participation room starts accumulating in the year you open your first FHSA. Special rules can affect the amount.
- What is a qualifying withdrawal from my FHSA?A qualifying withdrawal generally helps you buy an eligible home and must meet the CRA's conditions.
- What are the FHSA "variables" on Schedule 15?Most people can leave these variables blank. They relate to particular FHSA contributions and RRSP transfers.
- How do I repay my Home Buyers' Plan (HBP)?Enter your HBP balance and RRSP contributions, then designate your repayment in the RRSP section.
- How do I repay my Lifelong Learning Plan (LLP)?Enter your LLP balance and RRSP contributions, then designate your repayment in the RRSP section.
- What is the difference between RRSP deduction limit and unused RRSP contributions?Your deduction limit is how much you can deduct. Unused contributions are amounts you contributed but did not deduct in a prior year—unused contributions are not common.
- What are unused FHSA contributions?Unused FHSA contributions are amounts you've contributed but haven't deducted on a tax return.
- Will working overtime put me in a higher tax bracket?It might, but it will never make you worse off.
- I can't use my tuition credits yet. Will I lose them?No. File a return for the year you paid tuition, even if you don't owe tax. Any tuition amount you can't use or transfer can carry forward to a future year.