@@liching35 If you mean defer the tax deduction (contribute $8k in 2024 but only claim the deduction in the future), yes. If you mean carry forward unused contribution room, only $8,000 can be carried forward with the FHSA.
@@katlm-cpa sorry for not being clear on my question - I meant, say, if I were to contribute FHSA $2000 for 2024. Can I defer $2000 amount on Income tax for future years? say, instead of deducting $2000 in income tax year 2024, can I do it for say, year 2026 for income tax?
@ yes, you can. Here’s the CRA link for reference 🙂 www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/tax-deductions-fhsa-contributions.html
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Hi Kat, for FHSA, can we defer the contribution in 2024 for future years? (like RRSP contribution can be defer to future years?)
@@liching35 If you mean defer the tax deduction (contribute $8k in 2024 but only claim the deduction in the future), yes.
If you mean carry forward unused contribution room, only $8,000 can be carried forward with the FHSA.
@@katlm-cpa sorry for not being clear on my question - I meant, say, if I were to contribute FHSA $2000 for 2024. Can I defer $2000 amount on Income tax for future years? say, instead of deducting $2000 in income tax year 2024, can I do it for say, year 2026 for income tax?
@ yes, you can. Here’s the CRA link for reference 🙂
www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/tax-deductions-fhsa-contributions.html