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
$
Enter the FHSA participation room shown in CRA My Account or on your latest notice of assessment.
Do not include direct RRSP-to-FHSA transfers here.
Transfers use FHSA participation room but are not deductible again.
Across all your FHSAs, including this year's direct contributions and RRSP transfers.
Use today's balance, including investment gains or losses. Market growth does not use contribution room.
Available to contribute this year
$8,000$8,000
$0 contributed or transferred this year
Remaining deductible lifetime capacity
$40,000$40,000
$40,000 deductible direct-contribution limit
CRA-reported participation room can include re-participation adjustments. Amounts beyond the usual lifetime contribution limit may be valid but are not deductible; follow your CRA records for re-participation, designated amounts, and corrective transactions.
Tax deduction value
$
Estimated tax saving on this year's direct contributions
$0$0
$0 applied · 0.0% effective saving rate
RRSP transfers use FHSA room but do not create a second deduction. This estimate integrates the 2026 tax brackets and basic-personal credits. It excludes CPP/EI, benefit clawbacks, and filer-specific credits.
Tax-free growth toward your down payment
$
Limited by remaining annual and lifetime room; the current market value is not treated as a contribution.
$
yrs
%
Projected tax-free balance
$46,415$46,415
$6,415 future growth plus $40,000 future contributions
Shortfall vs goal
$13,585
Below your $60,000 goal in 5 years
FHSA participation generally ends by the 15th anniversary of opening (or the year you turn 71, if earlier). Choose a horizon that stays within your own participation period.
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 compares estimated 2026 federal and provincial tax before and after the applied deduction, including basic-personal credits, Ontario surtax, and Quebec's federal abatement. It excludes CPP, EI, benefit clawbacks, and filer-specific credits. 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.