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
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 |
|---|---|---|---|---|---|---|---|---|
| 2025 | $0 | $8,000 | $8,000 | $0 | $0 | $2,372 | $480 | $8,480 |
| 2026 | $8,480 | $8,000 | $8,000 | $0 | $0 | $2,372 | $989 | $17,469 |
| 2027 | $17,469 | $8,000 | $8,000 | $0 | $0 | $2,372 | $1,528 | $26,997 |
| 2028 | $26,997 | $8,000 | $8,000 | $0 | $0 | $2,372 | $2,100 | $37,097 |
| 2029 | $37,097 | $8,000 | $8,000 | $0 | $0 | $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 — 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 within 15 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.
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.