Tax deductible · tax-free growth · $40K lifetime limit · free
FHSA Calculator — See Your Tax Savings and Projected Balance
The First Home Savings Account (FHSA) is the most powerful savings tool available to Canadian first-time buyers — it combines an RRSP's tax deduction with a TFSA's tax-free withdrawal. See exactly how much you'll save on taxes and accumulate for your down payment.
Educational calculators — always consult a licensed professional before making financial decisions.
Maximum $8,000/year. Unused room carries forward (max $8K from prior year).
FHSA can be held for up to 15 years (or until age 71).
Common first-home savings window.
FHSA contributions reduce your taxable income. Typical combined federal + provincial rate.
Invested FHSA funds grow tax-free. ETF index funds typically average 6–8% historically.
Projected FHSA Balance
$46,450
Tax-free for qualifying home purchase
Tax savings at 43% marginal rate · contributions of $40,000 of $40,000 lifetime max
Year-by-Year Breakdown
| Year | Contribution | Tax Refund | Balance |
|---|---|---|---|
| Year 1 | $8,000 | $3,440 | $8,240 |
| Year 2 | $8,000 | $3,440 | $16,974 |
| Year 3 | $8,000 | $3,440 | $26,233 |
| Year 4 | $8,000 | $3,440 | $36,047 |
| Year 5 | $8,000 | $3,440 | $46,450 |
Your Saved Scenarios
No saved scenarios yet
What you'll need
- ·How much you plan to contribute annually (max $8,000)
- ·Your combined marginal tax rate (federal + provincial)
- ·How many years until you plan to buy
- ·Your expected investment return rate
What you'll get
- ✓Projected FHSA balance — Year-by-year tax-free growth
- ✓Annual tax savings — From your contribution deduction
- ✓Tax-free growth — Compounding at your expected return rate
- ✓Down payment readiness — How your FHSA stacks up toward your goal
How it works
Set your annual contribution
Up to $8,000/year. Unused room carries forward (max $8K from prior year).
Choose years to home purchase
FHSA can be held up to 15 years. The longer you contribute, the more compound growth you capture.
Add your tax rate & return
Your marginal rate determines the annual tax deduction. Set your expected investment return.
FHSA Balance by Years at $8,000/yr (6% Return)
| Years | Contributions | Tax Savings | Projected Balance |
|---|---|---|---|
| 3 years | $24,000 | $10,320 | $26,173 |
| 5 years | $40,000 | $17,200 | $45,508 |
| 10 years | $40,000* | $17,200 | $57,641 |
| 15 years | $40,000* | $17,200 | $77,001 |
*Lifetime limit of $40,000 reached. After that, only tax-free growth continues. Tax savings at 43% marginal rate.
Authoritative resources
Related Calculators
RRSP Home Buyers Plan Calculator
Stack RRSP HBP on top of FHSA for maximum down payment
Down Payment Savings Calculator
Project total savings combining FHSA and other accounts
CMHC Insurance Calculator
Larger FHSA-funded down payment reduces CMHC premiums
Canadian Mortgage Calculator
Calculate your mortgage after applying FHSA funds
Mortgage Affordability Calculator
See what price range your savings unlock
Frequently asked questions
What is an FHSA in Canada?+
The First Home Savings Account (FHSA) is a registered account for Canadian first-time home buyers. Contributions are tax-deductible (like an RRSP), and qualifying withdrawals to purchase a first home are tax-free (like a TFSA). The annual limit is $8,000 and the lifetime limit is $40,000.
How much can I contribute to an FHSA per year?+
The annual FHSA contribution limit is $8,000. If you don't use your full contribution room in a year, up to $8,000 of unused room carries forward to the next year. So in your second year, you could contribute up to $16,000 if you contributed nothing the first year.
Can I combine the FHSA with the Home Buyers' Plan (HBP)?+
Yes — since 2024, you can use both the FHSA (up to $40,000 tax-free) and the RRSP Home Buyers' Plan (up to $35,000 per person) for a combined $75,000 per person ($150,000 for a couple) for your first home down payment.
What happens if I don't buy a home before the FHSA expires?+
The FHSA can be held for up to 15 years, or until December 31 of the year you turn 71. If you haven't used it for a qualifying home purchase, you can transfer the full balance to an RRSP or RRIF tax-free without using your RRSP contribution room.
See your FHSA grow year by year.
Back to the calculator ↑FHSA Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.