Projected Balance
Total Contributions
Investment Growth
Tax Savings
The FHSA (First Home Savings Account) lets Canadian first-time homebuyers save up to $40,000 tax-free. Contributions are tax-deductible like an RRSP, and qualified withdrawals are tax-free like a TFSA. Use this calculator to project your balance and tax savings.
The First Home Savings Account (FHSA) is a registered savings plan in Canada designed to help first-time homebuyers save for a down payment tax-free, combining features of both RRSPs and TFSAs.
You can contribute up to $8,000 per year to an FHSA, with a lifetime maximum of $40,000. Unused contribution room can be carried forward, up to $8,000 per year.
Contributions to an FHSA are tax-deductible, reducing your taxable income, similar to an RRSP. Qualified withdrawals for a first home purchase are tax-free, like a TFSA.
To be eligible, you must be a resident of Canada, at least 18 years old (or 19 in some provinces), and a first-time homebuyer, meaning you haven't lived in a home you owned in the calendar year the account is opened or in the previous four calendar years.
The FHSA Calculator Canada helps Canadian first-time homebuyers plan their First Home Savings Account contributions. See projected balances, investment growth, and tax savings for 2026.
The First Home Savings Account (FHSA) is a registered savings plan in Canada designed to help first-time homebuyers save for a down payment tax-free, combining features of both RRSPs and TFSAs.
You can contribute up to $8,000 per year to an FHSA, with a lifetime maximum of $40,000. Unused contribution room can be carried forward, up to $8,000 per year.
Contributions to an FHSA are tax-deductible, reducing your taxable income, similar to an RRSP. Qualified withdrawals for a first home purchase are tax-free, like a TFSA.
To be eligible, you must be a resident of Canada, at least 18 years old (or 19 in some provinces), and a first-time homebuyer, meaning you haven't lived in a home you owned in the calendar year the account is opened or in the previous four calendar years.