The FHSA contribution deadline is December 31 for reducing 2026 taxable income, with an $8,000 contribution potentially lowering tax by about $2,400 at a 30% rate. Contributions must be made within the calendar year, unlike RRSPs. The account has a $40,000 lifetime limit and a 15-year participation period. Investments should match the home-buying timeline; near-term funds are safer in cash or GICs to avoid market risk.
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