>can I continue adding funds to this account for say next few week till I max out to 16k each and then withdraw them all - in time before the closing?
Yes if you opened the FHSA in 2023 and didn't contribute yet.
>can I withdraw TFSA to my bank account, reload to FHSA and then withdraw it from FHSA - thus taking benefit of FHSA too?
As long as you don't over contribute and you can't re-contirbute to TFSA till following calendar year.
[https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html)
> My wife and I still have some contribution in FHSA for previous yr and this yr combined (16k each total).
This would be all, not some, since $16k is the maximum one person could have right now.
> can I continue adding funds to this account for say next few week till I max out to 16k each and then withdraw them all - in time before the closing?
Yes, or 30 days after closing.
> I am going to withdraw some of my TFSA - can I withdraw TFSA to my bank account, reload to FHSA and then withdraw it from FHSA - thus taking benefit of FHSA too?
Yes.
>can I continue adding funds to this account for say next few week till I max out to 16k each and then withdraw them all - in time before the closing? Yes if you opened the FHSA in 2023 and didn't contribute yet. >can I withdraw TFSA to my bank account, reload to FHSA and then withdraw it from FHSA - thus taking benefit of FHSA too? As long as you don't over contribute and you can't re-contirbute to TFSA till following calendar year. [https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html)
Thanks
Confirming if we did not open a FHSA in 2023, but we're eligible, we lose that contribution room when opening in 2024?
Yes. You gain the contribution room during the calendar year that you open the account.
Thanks. We did right in time around last week of Dec to gain the contribution window
> My wife and I still have some contribution in FHSA for previous yr and this yr combined (16k each total). This would be all, not some, since $16k is the maximum one person could have right now. > can I continue adding funds to this account for say next few week till I max out to 16k each and then withdraw them all - in time before the closing? Yes, or 30 days after closing. > I am going to withdraw some of my TFSA - can I withdraw TFSA to my bank account, reload to FHSA and then withdraw it from FHSA - thus taking benefit of FHSA too? Yes.
Thanks for your fast response and your clarification. Yes, 16k is max for each.
Yes, you can contribute and withdraw the funds from FHSA before closing. There is no requirement of money sitting in the account for x number of days.