I keep the calendar from our dentist because the squares are large enough to write in. February already had a circle around it: my annual reminder to think about retirement contributions.
This year I had opened a first home savings account. I was saving for a place with a front door that didn't open straight into the kitchen. Naturally, I copied the February reminder into my home-buying notes.
The account had a different calendar.
The FHSA year ends in December
FHSA contributions made from January 1 through December 31 may generally be deducted for that year or a later year. Unlike an RRSP contribution, one made during the first 60 days of a year cannot be claimed for the previous year. CRA's FHSA deduction guidance.
For my example, a $3,000 contribution completed in December 2026 could generally support a 2026 deduction, assuming I meet the rules and have room. The same contribution in February 2027 could not become a 2026 deduction. The distinction was two months on paper and a whole tax year on my return.
Opening, contributing and deducting are separate decisions
I checked that I qualified to open the account and verified my available participation room before scheduling anything. Room begins when the first FHSA is opened; it does not accumulate from age 18 like TFSA room. CRA's FHSA overview links the eligibility and room rules.
An RRSP-to-FHSA transfer would use FHSA room but would not give me another deduction. I also didn't have to claim an eligible cash contribution immediately just because I had made it. Saving the deduction for a future year is a separate tax decision.
Two checks belong beside the calendar reminder:
- Already made a qualifying home withdrawal? Contributions after the first qualifying withdrawal cannot be deducted in any year. December is not a fresh deduction opportunity after that withdrawal.
- Opened the account without funding it? Complete Schedule 15 with the return for the year the first FHSA was opened, even with no contributions or RRSP transfers. Opening the account still needs to be reported.
The CRA deduction rules cover both checks. The qualifying-withdrawal guide explains the next step when a purchase is ready.
I changed the calendar note to December and checked my bank's processing times. A transfer requested late on the last evening is an unnecessary thing to worry about.
Then I put the calendar back beside the fridge. The February circle stayed. It still had a job; it just wasn't responsible for every account I owned.
Canadian rules checked October 23, 2026. Read next: why a TFSA withdrawal has its own calendar.
