Aha moment
Tax savings this year
$2,640
You'll save $2,640 in taxes this year while building $8,000 toward your first home.
Total contributions
$40,000
Projected growth at 5% default
$46,415
Lifetime room remaining
$0
At withdrawal$46,415
Room remaining$0
First home savings
FHSA Calculator
Model FHSA tax savings, contribution room, and tax-sheltered growth toward a first home.
Use this calculator if you opened or are considering an FHSA and want to check your exact contribution room.
Your inputs
Edit the values below to model your own situation.
What you'll need
- Current FHSA balance (if already opened)
- How much you plan to contribute per year
- Your target down payment amount
- Expected years until home purchase
Advanced assumptions
ON · 33.0% marginal rate
Contributing $8,000/year to your FHSA for 5 years saves you $13,200 in taxes and grows to $46,415 toward your first home purchase.
Result explainer
What this FHSA estimate means
What this means
Based on the values entered, this contribution is modeled to create $2,640 of current-year deduction value and $46,415 of projected FHSA value over the selected timeline.
Why this result happened
- $8,000 is modeled against a 33.0% marginal tax rate.
- The projection uses a 5.0% expected annual return over 5 years.
- FHSA room limits cap modeled contributions at $40,000.
What could change this
- FHSA eligibility and official contribution room should be checked before relying on the estimate.
- Tax rates, income, and deduction value can change from year to year.
- Projected account value depends on the return assumption and is not guaranteed.
Next number to check
Check lifetime room remainingUse the Tax Bracket Calculator to review the marginal rate used for the modeled deduction value.
This is an informational FHSA estimate based on the values entered, not personalized tax advice.
This calculator is for informational purposes only and does not constitute financial advice.
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Result meaning
What your result means
Use this as a plain-English read on the output before changing assumptions.
Number that matters most
Tax savings this year
$2,640
Contributing $8,000/year to your FHSA for 5 years saves you $13,200 in taxes and grows to $46,415 toward your first home purchase.
Growth assumption
Projected growth uses a 5.0% annual return assumption.
Lifetime cap
$40,000 is the FHSA lifetime contribution limit.
Be careful about
- FHSA eligibility is for first-time home buyers.
- Contribution room and tax treatment should be verified before acting.
Test next
- Try a shorter home-buying timeline.
- Run the Tax Bracket Calculator if your marginal rate needs a sharper estimate.
Next step
What to run next
Use the next calculator to test the decision your result points toward.
Educational context
The First Home Savings Account
The FHSA combines the deduction benefit of an RRSP with the tax-free withdrawal benefit of a TFSA for qualifying first-home purchases.
What is the FHSA and who qualifies?
It is a registered account for eligible first-time homebuyers in Canada, subject to the account rules in force at the time.
What is the FHSA contribution limit?
The FHSA has annual and lifetime contribution caps. Unused room may carry forward within the account rules.
Can I transfer my FHSA to an RRSP?
In many cases, unused FHSA assets can be transferred to an RRSP or RRIF subject to the governing rules.
Can I use the FHSA and the Home Buyers' Plan together?
Potentially yes, depending on eligibility and the current rules that apply at the time of purchase.
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Freshness and methodology
Last reviewed
April 2026 with 2026 CRA planning inputs.
Methodology
FHSA limits use 2026 CRA-published rules: $8,000 annual limit, $40,000 lifetime maximum.
Source
Updated for 2026 CRA limits · Last verified April 2026
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