FHSA Calculator — First Home Savings Account

The FHSA gives first-time buyers a tax deduction going in and a tax-free withdrawal coming out — the only account in Canada that does both. See what steady contributions, growth, and tax refunds add up to.

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The refund estimate assumes you claim the deduction in the year you contribute. You can also carry deductions forward to a higher-income year — the refund would be bigger, later.

Your down payment fund

$0 FHSA balance + refunds set aside
Total contributions (lifetime cap $40,000)$0
Investment growth (estimate)$0
FHSA balance at purchase$0
Estimated tax refunds from deductions$0
Unused contribution room carried forward$0

FHSA rules in plain English

  • $8,000 per year, $40,000 lifetime. Room only starts building once you open the account — opening one this year starts your $8,000 clock even if you deposit nothing. Unused room carries forward.
  • First-time buyers only — you can't have owned a home you lived in during the current year or the previous four years (special rules apply for spouses/common-law partners).
  • Deduct contributions like an RRSP, withdraw tax-free like a TFSA when buying a qualifying first home. If you don't buy, you can transfer the balance to your RRSP without using RRSP room.
  • 15-year window — the account must be closed by the end of the 15th year after opening (or the year you turn 71).
  • Stacks with the RRSP Home Buyers' Plan — FHSA $40,000 + HBP $60,000 = up to $100,000 per buyer toward the same home.
Estimate assumptions: contributions are made at the start of each year and grow at the rate you entered; refunds are estimated at your marginal rate and counted as cash set aside, not invested. Actual returns vary and refunds depend on your real tax situation.

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