FHSA Calculator
Calculate your First Home Savings Account contribution room, carry-forward amount, and growth projections. Then compare FHSA against TFSA and the RRSP Home Buyers' Plan.
New FHSA room can build each year after your account is open.
Unused room can move forward once, which is why one year can reach $16,000.
Track remaining lifetime space before you decide whether TFSA or RRSP should get the next dollar.
Eligibility Check
You're eligible to open and contribute to an FHSA. You must be 18+ and a Canadian resident.
Your FHSA Details
Contribution Room
Growth Projections
FHSA vs RRSP Home Buyers' Plan
| Feature | FHSA | RRSP HBP |
|---|---|---|
| Max for home purchase | $40,000 | $60,000 |
| Tax deduction | Yes | Yes (on contribution) |
| Withdrawals taxed | No (qualifying) | No (must repay) |
| Must repay | No | Yes, over 15 years |
| Growth taxed on withdrawal | No | No (but repayment required) |
| Can combine both | Yes | Yes |
| Annual limit | $8,000 | N/A |
| Time limit | 15 years | None |
You can use both. Combine an FHSA ($40,000) with the HBP ($60,000) for up to $100,000 in tax-advantaged funds for your first home. The FHSA is generally better because withdrawals don't need to be repaid.
How the FHSA Works
The First Home Savings Account (FHSA) launched in 2023 as a registered account specifically for first-time home buyers. It combines the best features of both the TFSA and RRSP: contributions are tax-deductible (like an RRSP) and qualifying withdrawals are tax-free (like a TFSA).
You can contribute up to $8,000 per year with a $40,000 lifetime limit. Unused contribution room carries forward, up to $8,000 maximum. The account must be closed within 15 years of opening or when you turn 71.
In practice, most FHSA questions are really about three things: when room starts, how carry-forward works, and whether FHSA should come before TFSA or RRSP. This page answers the numbers first so the account choice is clearer.
If you don't buy a home: You can transfer FHSA funds to your RRSP or RRIF tax-free (no impact on RRSP room), or withdraw them as taxable income. The account must be closed by the earlier of 15 years after opening or December 31 of the year you turn 71.
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NivoaFlow tracks your FHSA, TFSA, and RRSP contributions and room in one dashboard, so you always know where you stand.
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Disclaimer
This calculator provides estimates only and does not constitute financial, tax, or investment advice. FHSA limits and rules shown are based on CRA-published guidelines as of 2026. Growth projections assume consistent annual returns and do not account for market volatility, fees, or inflation.
Eligibility requirements include being a first-time home buyer, a Canadian resident, and at least 18 years old. The account must be closed within 15 years of opening or December 31 of the year you turn 71, whichever is earlier. Always verify your eligibility and room with the CRA and consult a qualified tax professional.