Is there a deadline for using the funds in an FHSA after opening it ?

Yes, there is a deadline for using the funds in a First Home Savings Account (FHSA) after opening it. You must use the funds within 15 years of opening the FHSA. After this period, the account must be closed. Alternatively, the account must be closed by the end of the year in which you turn 71, whichever comes first.