Canada FHSA Calculator
Free online FHSA calculator for Canada. Project First Home Savings Account growth with annual contributions up to $8,000, tax deductions, and tax-free investment returns, all instantly.
Regional Rule Context
Canada Rates and Rules
FHSA: $8,000/year, $40,000 lifetime, tax deduction + tax-free growth + tax-free withdrawal for first home.
Enter Values
Maximum $8,000 per year
FHSA can stay open for up to 15 years
Your combined federal and provincial marginal rate
Result
Enter values above and click Calculate to see your result.
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Canada First Home Savings Account calculator for 2026. FHSA allows $8,000/year ($40,000 lifetime) in tax-deductible contributions with tax-free growth and tax-free withdrawal for a qualifying first home purchase. Unused room carries forward up to $8,000. Account must be closed within 15 years of opening or by December 31 of the year you turn 71.
Disclaimer: This calculator uses publicly available rules effective as of Jan 1, 2025 (version 1.0). Results are for informational purposes only. Always verify with official sources or a qualified professional. Last reviewed: Mar 1, 2026.
Formula
Each annual FHSA contribution grows tax-free at the expected rate of return. Contributions are tax-deductible at your marginal rate, and withdrawals for a qualifying home purchase are completely tax-free.
Canada FAQs
How much can I contribute to an FHSA each year?
The annual FHSA contribution limit is $8,000. Unused contribution room carries forward to the next year, up to a maximum of $8,000 carry-forward. The lifetime limit is $40,000.
What is the tax benefit of an FHSA?
FHSA contributions are tax-deductible like an RRSP, investment growth is tax-free like a TFSA, and withdrawals for a qualifying first home are completely tax-free. It combines the best features of both accounts.
Who qualifies for an FHSA?
You must be a Canadian resident, at least 18 years old (19 in some provinces), and a first-time home buyer. You cannot have lived in a home you owned in the current year or the previous four calendar years.
What happens if I do not buy a home?
If you do not use the FHSA for a home purchase, you can transfer the balance to an RRSP or RRIF without affecting your RRSP room. Alternatively, you can make a taxable withdrawal. The account must be closed within 15 years of opening.
Can I have both an FHSA and an RRSP?
Yes. FHSA and RRSP are separate accounts with separate contribution limits. You can also transfer RRSP funds to an FHSA (counts against your FHSA room but you get the tax-free withdrawal benefit). FHSA contributions do not reduce your RRSP room.
Can I use this Canada FHSA Calculator on my own web page?
You can. Look for the "Embed" button near the top of this calculator. It lets you pick a size, border style, and color palette, then gives you an iframe tag to paste into any webpage. The widget is responsive, loads fast, and costs nothing. More details at calculory.com/services/embed-calculators.
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