FHSA Overcontribution Penalty Calculator
Measure the cost of an FHSA contribution above available room and the benefit of correcting it sooner.
Estimated FHSA penalty tax
$2401% × 6 taxable months
Monthly taxable excess
$4,000No statutory cushion
CRA return
RC727Confirm the filing deadline and relief options
The 1% tax generally applies for every month in which an excess exists, including the contribution and removal months. This single-event estimate does not reconstruct multiple deposits, withdrawals or a CRA waiver.
What this estimate includes
FHSA room begins only after opening the first account. Transfers and designated withdrawals have their own issuer reporting requirements.
Official sources
Questions this calculator answers
How is excess FHSA tax calculated?
CRA generally charges 1% per month on the highest excess FHSA amount in the month.
Can an excess be fixed by transfer?
A designated withdrawal or designated RRSP/RRIF transfer may reduce an excess, depending on the circumstances and reporting.
Related Calculators
TFSA excess amount tax
Estimate the 1% monthly tax until removal
RRSP excess amount tax
Apply the usual $2,000 overcontribution cushion
TFSA contribution room
Rebuild available room before contributing again
RRSP contribution room
Check the Notice of Assessment room calculation
Overcontribution decision centre
Find the account-specific form and correction path