FHSA Calculator Canada

The First Home Savings Account combines the best of the RRSP and the TFSA: contributions are tax-deductible, and withdrawals for a first home are tax-free. This calculator shows how fast $8,000 a year of FHSA room becomes a down payment, and what the deduction itself is worth at your tax rate.

FHSA contribution per year ($)Years of contributing (room lasts up to 15 years)Return per year (%)Your marginal tax rate (%)

FHSA room is $8,000 a year to a $40,000 lifetime maximum, and starts only once you open the account. Unused room carries forward while the account stays open (up to 15 years or age 71). The deduction can be claimed in a later, higher-income year.

How it works

Each year you hold an FHSA you gain $8,000 of room, to a lifetime cap of $40,000 of contributions. Growth inside the account is sheltered, and a qualifying withdrawal for a first home is completely tax-free, contribution and growth alike. That double benefit, deductible going in and tax-free coming out, is unique in Canadian tax law.

The timing trick most first-time buyers miss: you do not have to claim the deduction in the year you contribute. Carrying it forward to the year you buy, when your income may be higher, can make the same contribution worth more. If you never buy, the FHSA can move into your RRSP without using RRSP room.

Worked example

The calculator’s own output for the maximum $8,000 a year over 5 years at 5% growth, with a 29.65% marginal tax rate:

Item	Amount
Contribution	$8,000.00 a year for 5 years = $40,000.00
Balance at 5% growth	$44,205.05
Tax-free growth	$4,205.05
Deduction value at a 29.65% marginal rate	$11,860.00
Total first-home firepower	$56,065.05

Frequently asked questions

How much FHSA room do I get each year?

$8,000 a year, starting in the year you open the account, to a $40,000 lifetime contribution maximum. Room does not start until you open an FHSA, so opening one early, even with a small deposit, starts the clock.

Can couples combine FHSAs?

Yes. Two partners who each qualify can each hold an FHSA and put up to $80,000 of contributions plus growth toward the same first home.

What if I do not buy a home?

You can transfer the FHSA to your RRSP (or RRIF) tax-free without using RRSP room, generally by the end of the 15th year or age 71. The money then follows normal RRSP tax rules on withdrawal.

Can I use the FHSA and the Home Buyers’ Plan together?

Yes. Since 2024 changes, the FHSA and the RRSP Home Buyers’ Plan (now up to $60,000 per buyer) can be used for the same qualifying home, which is how two buyers can assemble a very large tax-assisted down payment.

When does the FHSA deduction have to be claimed?

In the year you contribute or any later year, including the year of withdrawal. Unused amounts carry forward indefinitely while you live, but the deduction only has value against taxable income in the year you claim it.

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For education only. This calculator gives estimates, not financial, tax or legal advice. Figures use 2026 rates where a rate is built in; confirm your own numbers before making a decision.