We have some fun news to share at the end of this article, so keep reading to the end find out! Over the holiday break, I was helping a family member do some end-of-year tax planning (I know, we’re THOSE kinds of party animals) when we saw something strange on their 2024 Notice of Assessment. “An excess FHSA amount has been identified based on your contributions and participation room. A tax of 1% per month is applicable.” Huh? What? The penalty wasn’t small either. It was nearly $1000. Before we get into what happened, here’s a brief refresher on the […]