CalcuAverage
All Calculators

FHSA Calculator

First Home Savings Account — $8,000/year, $40,000 lifetime. Tax-deductible contributions, tax-free withdrawals.

FHSA Room Calculator

FHSA was introduced in 2023. Maximum is 5 years open ($40,000 lifetime).

Why the FHSA Is Powerful

The FHSA combines the tax-deductibility of an RRSP with the tax-free withdrawals of a TFSA. You contribute up to $8,000 per year (max $40,000 lifetime), deduct it from taxable income, let it grow tax-free, and withdraw it tax-free when buying your first home.

Frequently Asked Questions

Canadian residents aged 18+ who are first-time home buyers and have not owned a qualifying home in the preceding four calendar years.

Up to $8,000 of unused annual room can carry forward to the next year, for a maximum of $16,000 in a single year.

Contributions are tax-deductible. Growth is tax-free. Qualifying withdrawals for a first home are also tax-free.

The lifetime limit is $40,000 per person. Annual contributions are capped at $8,000.