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
FHSA Summary
Year-by-Year Projection
| Year | Start Balance | Contribution | Tax Savings | Growth | End Balance |
|---|---|---|---|---|---|
| 2025 | $0 | $8,000 | $2,372 | $480 | $8,480 |
| 2026 | $8,480 | $8,000 | $2,372 | $989 | $17,469 |
| 2027 | $17,469 | $8,000 | $2,372 | $1,528 | $26,997 |
| 2028 | $26,997 | $8,000 | $2,372 | $2,100 | $37,097 |
| 2029 | $37,097 | $8,000 | $2,372 | $2,706 | $47,803 |
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 up to $8,000. The account must be closed within 15 years of opening or by December 31 of the year you turn 71. Tax savings shown assume a constant marginal tax rate based on your current income and province.
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.
Eligibility: Canadian resident, 18+, first-time homebuyer (have not owned a home 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.
Related savings tools
RRSP Calculator
Tax-deductible contributions that reduce your tax bill now. Investments grow tax-deferred.
TFSA Calculator
Tax-free growth and withdrawals. Track your contribution room and project future value.
Tuition Tax Credit Calculator
Calculate the federal and provincial tuition tax credit, transfer up to $5,000 to a parent or spouse, and carry forward unused amounts.
Sources
Last updated April 2026. Reflects 2026 tax year rates.