FHSA

FHSA in plain English

Educational overview only. Rules can change and details depend on your situation.

This page gives you a simple overview, the mistakes to avoid, and a checklist so you can keep it organized.

Good fit when

1. You want a clear system, not more confusion
2. You are tracking contribution room and timelines
3. You want your accounts to match your goals

What to watch

1. Contribution room and over contribution risk
2. Withdrawals and timing rules
3. How this account fits with your other accounts

Common mistakes

1. Guessing contribution room instead of tracking it
2. Setting it up once and never reviewing it
3. Mixing goals without a clear split, such as emergency money and long term investing

What to bring to a conversation

1. Your timeline, even a rough range
2. Your current account list and balances at a high level
3. Your top two goals for the next year

FAQ

What is the simplest first step

Open one account, track room, and set a small automatic contribution

What should I avoid

Large moves without writing down the rule and the plan