Enter your starting CRA room
Find your room on your latest Notice of Assessment or CRA My Account. No bank logins, passwords, or account linking required.
Know your real FHSA room before you buy.
FHSA room only starts the year you open your account, and the carry-forward cap means you can't catch up all at once. Track deposits across Wealthsimple, EQ Bank, and TD in one place so you never breach the $8,000 annual or $40,000 lifetime limit.
Statement of Contribution RoomTax Year 2026
Available FHSA Contribution Room
$5,200
ON TRACK
• $35,800 lifetime remaining
35% of available room used$2,800 of $8,000
QuestradeFHSA Investing$2,800
EQ BankFHSA Savings$1,400
Lifetime cap ($40,000) remaining:$35,800
Sample preview. Your actual data stays private in your browser.
CRA 1% Monthly Penalty
Here's what 1% a month costs, with no grace buffer.
The RRSP gives you a $2,000 lifetime buffer before penalties kick in. The FHSA does not. Go $1,000 over your limit and miss it for four months (which is easy since the CRA doesn't flag it until the following spring) and you owe $40, charged automatically with no warning.
CRA Penalty Calculation Example
Amount over annual limit$1,000
CRA monthly penalty rate1% / month
Months unnoticed× 4 months
Owed to CRA$40.00
Miss it for a year and you owe $120. Unlike the RRSP, there is no buffer.
FHSA Blindspots
Three rules that catch first-time buyers off guard.
Most people assume the FHSA works like a TFSA. The room rules, the carry-forward cap, and the penalty structure are all different.
TRAP 01
Room Doesn't Accumulate Until You Open
Unlike a TFSA, an FHSA gives you $0 of room for any year before you open your first account. If you waited until 2026 to open, your lifetime room starts at $8,000, not $32,000.
TRAP 02
The $8,000 Carry-Forward Ceiling
Even if you missed contributing in prior years, the CRA caps carry-forward at $8,000 in any single year. Your maximum contribution in any calendar year is $16,000, no matter how much room you've accumulated.
TRAP 03
December 31 is the Hard Deadline
Unlike an RRSP, there is no “first 60 days” rule. Deposits made after December 31 count toward the next tax year, not the one just ended.
How Canuity Protects You
Always know your exact room. Zero bank logins.
Canuity never asks for your bank passwords or SIN. Just enter the year you opened your first FHSA, record your deposits as you make them, and Canuity enforces the carry-forward cap and lifetime ceiling automatically.
All balances and records stay in your browser. There is nothing to breach because no account data ever touches a remote server.
Deposits Across All Institutions✓ COMBINED
Track Wealthsimple, EQ Bank, Questrade, and your bank together under your single CRA lifetime ceiling.
Carry-Forward Applied Automatically✓ ENFORCED
Canuity applies the $8,000 carry-forward cap each year based on when you opened your account.
15-Year Deadline Tracked✓ MONITORED
Your account closure or RRSP transfer deadline is calculated from your opening year and displayed clearly.
No Bank Passwords NeededNEVER REQUIRED
Everything stays on your device. Zero bank sync, zero cloud databases, and zero tracking.
Interactive Worksheet
Estimate your 2026 FHSA room & tax refund.
Your room depends on when you opened your account and how much you've contributed. The carry-forward cap means you can bring in at most $8,000 of missed room per year.
Schedule A · Account Parameters
Your opening year sets your carry-forward room and 15-year deadline.
Sum of all deposits across every FHSA account prior to January 1, 2026.
$
Your maximum for 2026 based on your history is $16,000.
$
Used to estimate your tax refund.
$
Sets your combined tax brackets.
Schedule B · Calculation Total
Available 2026 Room
$16,000
Includes $8,000 carry-forward
Estimated CRA Tax Refund
$2,518
31.5% MARGINAL BRACKET
A $8,000 contribution only costs you $5,482 out-of-pocket after refund.
You pay: $5,482 (68.5%)Refund: $2,518 (31.5%)
Lifetime cap ($40,000) remaining:$40,000
15-year closure deadlineDecember 31, 2039
How it works
Three steps. Then a number you can actually trust.
Enter your room from the CRA, record deposits or withdrawals as you make them, and let Canuity handle the rest.
Log deposits and withdrawals
Record deposits and withdrawals across any bank or brokerage. Withdrawals are automatically tracked and added back on Jan 1.
Check room before you transfer
Check your available room in seconds and get warned before a deposit triggers the CRA 1%/month penalty.
Compare With Others
Why Canadians track FHSA room here instead.
CRA My Account is often months out of date, banks don't know what you hold elsewhere, and spreadsheets take hours to build.
| Feature & Capability | Canuity Tracker | CRA My Account | Excel / Spreadsheets |
|---|---|---|---|
| Track all accounts in one placeCombine balances across Wealthsimple, Questrade, and banks | One real-time total | Out of date for months | Requires manual upkeep |
| Automatic Jan 1 withdrawal resetAdds withdrawn amounts back to your room on January 1 | Restored automatically on Jan 1 | Doesn't track until tax season | Formula must be built |
| 1%/month overcontribution warningProactive alert before transfers trigger CRA fines | Warns before transfer | Penalty letter sent after fact | No automatic warnings |
| Privacy & banking credentialsZero risk of financial credential leaks | No bank login required | CRA credentials needed | Depends on storage |
| Starting room from CRA noticeStart with the official number on your Notice of Assessment | Simple one-time setup | Historical view only | Manual calculation |
| 100% browser-local storageYour account balances never touch our servers | In your browser only | CRA database | Depends on cloud provider |
Official CRA Knowledge & Guidance
Need the full breakdown of FHSA rules?
Qualifying withdrawals, how to combine FHSA with your RRSP Home Buyers' Plan for a $100,000+ down payment, and what happens to your account after 15 years.
Frequently Asked Questions
Questions about FHSA rules & Canuity.
Everything you need to know about carry-forward caps, the 15-year clock, and local-first browser privacy.
Private & Local-First
Take control of your FHSA room today.
Free, private, and runs entirely in your browser. No bank logins, no passwords, and no surprise CRA penalties.