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🏠 First Home Savings Account

FHSA Calculator Canada 2026

Project your First Home Savings Account growth and see exactly how tax-free investing accelerates your first home down payment.

Your FHSA Details

$
Maximum $8,000/year · Lifetime max $40,000
$
5
years
1 yr15 yrs (max)
FHSA must be closed by Dec 31 of year you turn 71 or 15 years after opening, whichever comes first
6.5%
Assumed annual return
Balanced ETF portfolio estimate
Projected Down Payment
$0
Tax-free total after 5 years
Contributions
$0
Investment Growth
$0
Tax Savings*
$0

Year-by-Year Growth

How the FHSA Works

🏦 Contribution Rules

  • Contribute up to $8,000 per year
  • Lifetime limit of $40,000
  • Unused room carries forward — up to $8,000 extra the following year
  • You must be a Canadian resident, 18+, and a first-time home buyer
  • Account can stay open for 15 years

✅ Tax Advantages

  • Contributions are tax-deductible (like an RRSP)
  • Growth inside the account is tax-free (like a TFSA)
  • Qualifying withdrawals for your first home are completely tax-free
  • Unused funds can be transferred to your RRSP or RRIF — tax-free

🏠 Qualifying Withdrawal

  • Must be a first-time home buyer (no home owned in current or prior 4 years)
  • Must have a written purchase agreement for a qualifying home in Canada
  • Home must be your principal residence
  • Can be combined with the HBP (Home Buyers' Plan) from your RRSP

⚠️ Tax savings estimate: The "Tax Savings" figure above estimates your federal tax refund assuming a 33% marginal tax rate on your contributions. Actual savings depend on your province and income. Contributions must be claimed as deductions on your tax return.