Contribution room is account-specific
RRSP and FHSA rules use different eligibility and room calculations. Do not assume one account’s limit applies to the other. Review your CRA information and your own transaction records, including contributions that may not yet appear online. Overcontributions can create tax consequences.
Bring receipts and account activity
Provide contribution receipts, relevant slips, withdrawal details and transfer documentation. RRSP contributions made during the first 60 days of the year can require particular reporting attention. FHSA contributions follow their own reporting period and should not simply be treated like an RRSP receipt.
Contributions and deductions are not always identical
An eligible contribution may be deducted in the applicable year or carried forward according to the account’s rules. The best approach depends on income, available room and personal circumstances. Direct transfers are not necessarily new deductible contributions.
Review withdrawals and home-buying plans
FHSA qualifying withdrawals and RRSP Home Buyers’ Plan withdrawals have different conditions. Keep the required forms and information about the property transaction. A first-home purchase should prompt a review of the rules rather than an assumption that every withdrawal is tax-free.
Frequently asked question
Can I claim a deduction for every transfer into an FHSA?
No. Direct transfers and new contributions can have different tax treatment. Bring the transfer records so the transaction can be reviewed.
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Explore related serviceThis guide is general information, not personalized tax or legal advice. Rules and administrative policies can change. Review current guidance at Canada Revenue Agency and get advice for your circumstances.