A client overcontributed $1,000 to his FHSA in 2023. He contributed another $8k in 2024. He then withdrew the overcontributed $1,000 in July of this year.
His financial institution can’t tell him if he will receive a T-slip for the withdrawal and if there are any consequences as he didn’t use the money to buy a house.
If he withdrew an overcontribution, he shouldn’t receive a slip for the withdrawal. Even if they did issue a slip for the 1k, he could disregard it on the basis as such and more than likely will satisfy CRA if they ask.
I don’t believe FHSA’s have the same 2k overcontribution threshold as RRSP’s.
1 Like