FHSA Calculator
First Home Savings
Account Calculator 2025
See your FHSA growth, annual tax deduction value, and total available for your first home purchase.
Updated 2025 · $8,000/year · $40,000 lifetime limit
🔑 FHSA combines RRSP-style deductions + TFSA-style tax-free withdrawals — the best of both accounts for first-time buyers
Your FHSA details
$8,000
Annual Limit
$40,000
Lifetime Limit
$
Maximum $8,000/year (2025)
yrs
Maximum 5 years to reach $40k lifetime limit
$
Used to calculate your annual tax deduction value
%
Conservative: 4–5%, Balanced: 6–7%
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Balance at Withdrawal
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Total Tax Saved
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Annual Tax Refund
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Total Contributions
ℹ️ Tax deduction value calculated using your marginal rate. Assumes contributions at start of year. Verify FHSA rules at CRA.
What makes the FHSA unique
The FHSA launched in 2023 and combines the best features of both the RRSP and TFSA — making it the most powerful savings tool available to first-time home buyers in Canada.
RRSP-style tax deduction
Contributions reduce your taxable income — just like RRSP. At a 40% marginal rate, an $8,000 contribution saves you $3,200 in taxes that year.
TFSA-style tax-free withdrawal
When you withdraw to buy your first home, every dollar — contributions and growth — comes out completely tax-free. No repayment required.
Carry-forward room
If you contribute less than $8,000 in a year, up to $8,000 of unused room carries forward to the next year — so you can contribute up to $16,000 in one year if you have room.
Transfer to RRSP if unused
If you don't buy a home, you can transfer your FHSA balance to your RRSP or RRIF tax-free. You don't lose the money — you just can't use it for a non-qualifying home.
FHSA Rules 2025
Annual contribution limit: $8,000 per year
Lifetime contribution limit: $40,000 total
Carry-forward: Up to $8,000 of unused room from the prior year (carry-forward starts accumulating the year after you open your FHSA)
Eligible: Canadian residents who are at least 18 and have not owned a qualifying home in the current year or the preceding 4 years
Account deadline: Must be used or transferred within 15 years of opening, or by Dec 31 of the year you turn 71
Frequently Asked Questions
Can I have both a FHSA and use the RRSP Home Buyers' Plan?
Yes! You can use both the FHSA and the RRSP Home Buyers' Plan (HBP) for the same home purchase. The HBP lets you withdraw up to $35,000 from your RRSP tax-free (to be repaid over 15 years). Combined with a $40,000 FHSA withdrawal, you could access $75,000 in registered savings for your down payment.
What counts as a qualifying first home?
A qualifying home is a housing unit in Canada that you intend to occupy as your principal place of residence within one year of buying or building it. This includes single-family homes, semi-detached, townhouses, condos, mobile homes, and similar. You must not have owned a qualifying home that you lived in at any time during the current calendar year or the preceding four years.
What happens if I opened my FHSA in 2023?
If you opened your FHSA in 2023, your carry-forward room started accumulating in 2024. By January 2025, you could have up to $24,000 in contribution room ($8k for 2023, $8k carry-forward, $8k for 2025). Check your CRA My Account for your exact available room.
Is the FHSA better than saving in a TFSA for a home?
For most first-time buyers, yes — the FHSA is better specifically because you also get the tax deduction. In a TFSA, you invest after-tax dollars and get tax-free growth. In an FHSA, you invest pre-tax dollars (tax deduction now) AND get tax-free growth AND tax-free withdrawal. The only advantage of TFSA is flexibility — FHSA withdrawals must be for a qualifying home purchase.