Canadian Tax Calculator
FHSA calculator
Estimate your First Home Savings Account contribution room and carryforward, the tax deduction value of a contribution, and tax-free growth toward your down payment.
Contribution room
yrs
Counts the year you opened it. Room only accrues once the account is open.
Across all your FHSAs, including any direct RRSP-to-FHSA transfers (the CRA counts both against your room).
Available to contribute this year
$8,000
Up to $16,000 with carryforward
Lifetime room remaining
$40,000
$40,000 lifetime limit
Room granted so far: $8,000 ($8,000 per open year).
Tax deduction value
$
Estimated tax saving on this year's contribution
$2,372
$8,000 deducted at a 29.6% marginal rate
Based on the smaller of your room this year and your planned annual contribution. The deduction can be carried forward to a higher-income year.
Tax-free growth toward your down payment
$
Clamped to the $40,000 lifetime limit over time.
$
yrs
%
Projected tax-free balance
$46,415
$6,415 tax-free growth on $40,000 contributed
Shortfall vs goal
$13,585
Below your $60,000 goal in 5 years
Estimates only, as of 2026.
This tool models the FHSA rules in effect for 2026: an $8,000 annual participation room, a $40,000 lifetime limit, and an $8,000 carryforward cap (so up to $16,000 in a single year). The tax deduction uses 2026 federal and provincial marginal rates and excludes CPP, EI, most credits, and clawbacks. Growth is projected tax-free, which assumes a qualifying first-home withdrawal.
FHSA rules, eligibility, and the qualifying-withdrawal conditions can change. Verify your participation room against your CRA account and confirm first-time-buyer eligibility with CRA before contributing or withdrawing. This is for planning and information only, not tax or financial advice.
Frequently asked questions
How much can I contribute to an FHSA?+
As of 2026, you get $8,000 of participation room for the year you open your FHSA and another $8,000 each following year, up to a lifetime limit of $40,000. Unused room carries forward, but only up to $8,000 can be carried, so the most you can contribute in a single year is $16,000.
Does FHSA room build before I open the account?+
No. Unlike TFSA room, FHSA participation room only starts accruing once you open your first FHSA, so there is no contribution-room downside to opening it early even if you contribute nothing that year. One caveat: opening also starts the 15-year participation clock (the account must close by December 31 of its 15th anniversary), so if you are more than about 15 years from buying, opening too early could force the account to close before you are ready.
Is an FHSA contribution tax deductible?+
Yes. FHSA contributions are deductible like RRSP contributions, so a contribution reduces your taxable income. The deduction is worth your contribution multiplied by your marginal tax rate. You can also carry the deduction forward to a higher-income year.
Is the growth really tax free?+
Investment growth inside an FHSA is sheltered, and a qualifying withdrawal to build or buy a qualifying first home is non-taxable, including all the growth. That combination of a deduction going in and tax-free growth coming out is what makes the FHSA powerful for a down payment.
Who qualifies as a first-time home buyer?+
As of 2026, you must be a Canadian resident, at least 18 (and at least the age of majority in your province or territory, which is 19 in some), and a first-time home buyer, meaning you did not live in a home you owned (or that your spouse or common-law partner owned) in the current year or the preceding four calendar years. Confirm the current eligibility and qualifying-withdrawal conditions with CRA before withdrawing.
What happens if I over-contribute?+
CRA charges 1% per month on the highest excess FHSA amount for every month the excess remains, and the excess portion is not deductible. Track your own contributions and compare them against your CRA participation room statement each year.