The Deadline to Open a TFSA Account is December 31

If you want to accumulate First Home Savings Account contribution room this year then you must open an account by December 31st.

The FHSA allows you to accumulate up to $40,000.00 towards the purchase of your first home. However, you can only accumulate $8,000.00 of that $40,000.00 per calendar year that the account is open.

Even if you don't plan on contributing this year, it makes sense to open an account if you plan on buying your first home within the next 15 years because you can carry the unused contribition room forward to the next year.


Like a TFSA, any money earned in the FSHA is tax free and can be withdrawn tax free. You also get a tax deduction for the amount you contributed.

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