FHSA Calculator
Calculate how much tax you save by contributing to a First Home Savings Account. FHSA contributions are tax-deductible, growth is tax-free, and qualified withdrawals for your first home are tax-free.
FHSA Details
The $40,000 lifetime limit counts what you put in, not growth. Leave blank to treat the balance as contributions.
From your latest CRA Notice of Assessment. Max $8,000.
FHSA Summary
Year-by-Year Projection
| Year | Start Balance | Contribution | Annual Room | Carryover In | Carryover Out | Tax Savings | Growth | End Balance |
|---|---|---|---|---|---|---|---|---|
| 2026 | $0 | $8,000 | $8,000 | $0 | $0 | $2,522 | $480 | $8,480 |
| 2027 | $8,480 | $8,000 | $8,000 | $0 | $0 | $2,522 | $989 | $17,469 |
| 2028 | $17,469 | $8,000 | $8,000 | $0 | $0 | $2,522 | $1,528 | $26,997 |
| 2029 | $26,997 | $8,000 | $8,000 | $0 | $0 | $2,522 | $2,100 | $37,097 |
How it works: The First Home Savings Account (FHSA) lets Canadian residents save up to $8,000 per year (lifetime limit of $40,000) toward a qualifying first home purchase. Contributions are tax-deductible (like an RRSP) and withdrawals for a home purchase are tax-free (like a TFSA). Unused contribution room carries forward — but only up to $8,000 each year (any unused room beyond $8,000 is forfeited). Use the "Unused FHSA Room from Prior Years" input to reflect what your latest CRA Notice of Assessment shows. The account must be closed within15 years of opening or by December 31 of the year you turn 71.
FHSA Basics
The First Home Savings Account (FHSA) combines the best of RRSP and TFSA — contributions are tax-deductible and withdrawals for a qualifying first home purchase are tax-free.
Contribution limits: $8,000 per year, $40,000 lifetime. Unused room carries forward (max $8,000), so you can contribute up to $16,000 in a single year. See the 2026 FHSA contribution limit page for the full carryforward rules, worked examples, and a comparison against TFSA and RRSP limits.
Eligibility: Canadian resident, 18+, first-time homebuyer (did not live in a home you owned as your principal residence in the current year or the preceding four calendar years).
Account lifetime: Maximum 15 years or until December 31 of the year you turn 71, whichever comes first.
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Frequently asked questions
What is the FHSA contribution limit?
The FHSA has an annual contribution limit of $8,000 and a lifetime limit of $40,000. Unused room carries forward up to $8,000, so you can contribute up to $16,000 in a single year if you have carry-forward room available.
Who is eligible to open an FHSA?
You must be a Canadian resident, at least 18 years old, and a first-time homebuyer. This means you did not live in a home you owned (or jointly owned) as your principal residence in the current year or the preceding four calendar years. The account must be opened before December 31 of the year you turn 71.
How is the FHSA different from an RRSP?
The FHSA combines the best features of both RRSP and TFSA. Like an RRSP, contributions are tax-deductible. Like a TFSA, qualifying withdrawals for a first home purchase are completely tax-free. With an RRSP Home Buyers' Plan, you must repay the withdrawn amount over 15 years, but FHSA withdrawals never need to be repaid.
Sources
Reflects 2026 tax year rates.
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