FHSA Calculator – Help Guide
The First Home Savings Account (FHSA) is a registered account introduced in 2023 for first-time home buyers. Contributions are tax-deductible (like RRSP), withdrawals for a qualifying home purchase are tax-free (like TFSA), and unused room carries forward. Annual limit is $8,000, with a $40,000 lifetime maximum.
How to Use This Tool
- 1
Enter the year you opened your FHSA
Room accumulates from the year you open the account. You can open an FHSA once you are eligible.
- 2
Enter contributions made to date
Enter total amounts you have already contributed to your FHSA.
- 3
Enter your annual contribution plan
Enter how much you plan to contribute each year going forward.
- 4
Review available room and projected savings
The calculator shows remaining room, projected savings, and when you will reach the $40,000 lifetime limit.
Helpful Tips
- •Open your FHSA as soon as you are eligible. Even a $1 contribution starts the room clock and you get $8,000 of room for that year.
- •You can hold an FHSA for up to 15 years or until age 71.
- •If you don't buy a home, you can transfer FHSA funds to your RRSP or RRIF tax-free (without affecting your RRSP room).
- •FHSA and RRSP Home Buyers' Plan ($35,000 withdrawal) can be combined for a first home purchase.
Frequently Asked Questions
Ready to get started?
Open the Calculator