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Here’s how it will work: The FHSA has a contribution room of $8,000 per year, up to a lifetime maximum of $40,000, and unused FHSA contribution room can be carried forward to the following year, up to a maximum of $8,000. So if you contribute $5,000 one year, you would be allowed to contribute up to $11,000 the following year.

Also, if you don’t buy a home after 15 years of opening an FHSA, you must move the money and investments into an RRSP or a registered retirement income fund (RRIF), unless you withdraw and pay taxes on the amount as income.

Example:
“I’ve decided to save with an FHSA instead of an RRSP at this point, since I’m hoping to buy my first home in a few years.”

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