FHSA Calculator
The First Home Savings Account (FHSA), launched in 2023, combines the best features of an RRSP and a TFSA: contributions are tax-deductible, and withdrawals for a first home purchase are tax-free. The annual limit is $8,000 with a $40,000 lifetime maximum. Use this calculator to project your FHSA savings and see the tax advantage.
How the FHSA works
The FHSA is available to Canadian residents aged 18+ who have not owned a home in the current calendar year or the preceding four years. Contributions are deductible against taxable income (like an RRSP), reducing your tax bill. Funds grow tax-free inside the account, and qualified withdrawals for a first home purchase are tax-free (like a TFSA). If you don't buy a home within 15 years of opening the account, the funds must be transferred to an RRSP (non-taxable) or withdrawn as taxable income. The FHSA can also be transferred to a spouse's FHSA without tax consequences.
FHSA Calculator 2026 — First Home Savings Account Canada
Free FHSA (First Home Savings Account) calculator for Canada. Calculate tax-deductible contributions, tax-free growth, and your total available for a first home purchase. $8,000 annual limit, $40,000 lifetime max.
FHSA Growth Over Time
FHSA Advantage
After 5 years of contributing $8,000/year, your FHSA balance is $46,415. Combined with $14,000 in tax refunds, your effective home savings total $60,415 — all tax-free for your first home purchase.
Annual limit: $8,000 | Lifetime max: $40,000 | Max term: 15 years
Year-by-Year Breakdown
| Year | FHSA Balance | Total Contributions | Cumulative Tax Refunds | Effective Value |
|---|---|---|---|---|
| 1 | $8,400 | $8,000 | $2,800 | $11,200 |
| 2 | $17,220 | $16,000 | $5,600 | $22,820 |
| 3 | $26,481 | $24,000 | $8,400 | $34,881 |
| 4 | $36,205 | $32,000 | $11,200 | $47,405 |
| 5 | $46,415 | $40,000 | $14,000 | $60,415 |