FHSA calculator
The First Home Savings Account is the best deal in Canadian personal finance: a tax deduction on the way in and tax-free withdrawals on the way out. See how much yours could grow — and how much tax you'd save.
Maximum $8,000 per year.
Your contributions are tax-deductible, so putting in $40,000 at a 30% marginal rate returns roughly $12,000 in tax refunds — and qualifying withdrawals for your first home are completely tax-free.
An FHSA lets you contribute $8,000 per year up to a $40,000 lifetime maximum. Contributions are tax-deductible like an RRSP, and withdrawals for a first home are tax-free like a TFSA — with no repayment required.
FHSA vs RRSP vs TFSA
| FHSA | RRSP (HBP) | TFSA | |
|---|---|---|---|
| Tax-deductible contributions | Yes | Yes | No |
| Tax-free withdrawal for a home | Yes | No — must repay | Yes |
| Repayment required | None | Over 15 years | None |
| Annual limit | $8,000 | 18% of income | $7,000 |
| Lifetime limit | $40,000 | — | — |
Frequently asked questions
What is an FHSA?
The First Home Savings Account is a registered Canadian account for first-time home buyers that combines the best of an RRSP and a TFSA: your contributions are tax-deductible (lowering this year's tax bill), and qualifying withdrawals to buy your first home are completely tax-free.
What is the FHSA contribution limit?
You can contribute up to $8,000 per year, with a $40,000 lifetime maximum. Unused annual room carries forward, but you can only carry forward up to $8,000 — so the most you can contribute in a single year is $16,000.
FHSA vs RRSP vs TFSA — which is better for a first home?
For a first-time buyer the FHSA is usually best because it's the only one with both a tax deduction going in and tax-free withdrawals coming out. An RRSP Home Buyers' Plan withdrawal must be repaid over 15 years; an FHSA withdrawal never has to be repaid. A TFSA is flexible but gives no upfront deduction.
How long can I keep an FHSA open?
You can keep an FHSA for up to 15 years from opening, or until the end of the year you turn 71, whichever comes first. If you don't end up buying a home, you can transfer the balance to an RRSP or RRIF tax-free without using RRSP contribution room.
Researching and writing about Canadian registered accounts and home buying since 2026.
“FHSA Calculator (First Home Savings Account) — VaultNerd” — VaultNerd, https://www.vaultnerd.com/tools/fhsa-calculator, updated August 2026.
- CRA — First Home Savings Account (FHSA) rules and limits
- CRA — Home Buyers' Plan (HBP) repayment rules