FHSA Calculator
Project a First Home Savings Account and the tax deductions from your contributions.
About the FHSA Calculator
The FHSA lets first-time buyers save up to $8,000 a year and $40,000 in total. Contributions are tax-deductible like an RRSP, and withdrawals for a qualifying first home are tax-free like a TFSA. Up to $8,000 of unused room carries forward one year. The account must be used within 15 years or by age 71; unused money can move to an RRSP without affecting RRSP room.
The formula
Balance = Σ contributions grown at the return
Worked example
Example: FHSA at purchase = $50,671
- Inputs: Yearly contribution: $8,800; Years until you buy: 6 years; Investment return: 6%; Your marginal tax rate: 33%.
- Formula: Balance = Σ contributions grown at the return
- Result: FHSA at purchase = $50,671
Questions people ask
Can I use both the FHSA and RRSP Home Buyers' Plan?
Yes, for the same home.
Who qualifies?
Canadian residents 18+ who haven't owned a home they lived in during the current or previous four years.
Sources
The rules and rates this calculator uses come from the official pages below. Its results are estimates, not an official determination, and rules change, so check the latest figures there before you act on them.