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FHSA Calculator

Project your First Home Savings Account balance, tax deduction savings, and how long it takes to reach your down payment goal.

Inputs

CAD
CAD (max $8,000)
CAD
%
yrs (max 15)
FHSA annual limit: $8,000 · Lifetime limit: $40,000 · Unused room carries forward by $8,000/year · Must be a first-time home buyer and Canadian resident · Account must be open for at least one calendar year before withdrawal · Withdrawals for first home purchase are tax-free.

Projected FHSA Balance

Tax-free balance at withdrawal
$0

How the FHSA works

The First Home Savings Account (FHSA), introduced in 2023, combines the best features of the RRSP and TFSA for first-time home buyers. Contributions are tax-deductible (like an RRSP), and qualifying withdrawals for your first home are completely tax-free (like a TFSA).

You can contribute up to $8,000 per year to a maximum lifetime limit of $40,000. Unused annual room carries forward — if you contribute nothing in year one, you can contribute $16,000 in year two. The account must be open for at least one calendar year before a qualifying withdrawal. If you don't buy a home within 15 years of opening the account, the balance can be transferred to your RRSP or RRIF without affecting your existing RRSP contribution room.

The FHSA can be combined with the RRSP Home Buyers' Plan (HBP), letting first-time buyers access both accounts for their down payment.

FAQ

Can I use both the FHSA and the RRSP Home Buyers' Plan?
Yes — you can use both for the same home purchase. The FHSA has no repayment requirement, while the HBP requires you to repay the RRSP withdrawal over 15 years. Many buyers use the FHSA first and then the HBP for additional funds.
What is "first-time home buyer" for FHSA purposes?
You must not have lived in a qualifying home that you or your spouse owned in the current calendar year or the preceding four calendar years. This definition aligns with the RRSP Home Buyers' Plan.
Is FHSA growth taxable?
No — all growth inside the FHSA (interest, dividends, capital gains) is tax-free while held. Qualifying withdrawals for a first home are also tax-free, making this one of the most tax-efficient savings tools available to first-time buyers.
What happens if I don't buy a home?
If you don't make a qualifying withdrawal by December 31 of the year you turn 71, or by the 15th anniversary of opening the account, you can transfer the balance to your RRSP or RRIF — preserving the deduction while avoiding tax on growth. You cannot transfer to a TFSA.