What are the annual and lifetime contribution limits for an FHSA?

The annual contribution limit is $8,000, up to a lifetime maximum of $40,000.

What happens if I don't buy a home within 15 years?

Unused FHSA funds can be transferred directly into an RRSP or RRIF completely tax-free without affecting your RRSP contribution room.

CanadaFirst Home Savings Account (FHSA $40,000 Lifetime)Finance & Salary

Canada First Home Savings Account (FHSA) Tax Deduction & House Fund Calculator

Calculate your annual tax deduction and tax-free down payment fund with Canada's First Home Savings Account (FHSA): $8,000 annual contribution limit up to $40,000 lifetime cap (tax-deductible in, tax-free out for qualifying first home purchase).

Real Estate & Property Savings & Deposits Taxes & Duties

Calculator Inputs

Live Real-Time

Annual FHSA Contribution (CAD $ - Max $8,000/yr)

CAD $

Quick select:

Years Saving in FHSA (Max $40,000 Lifetime Cap)5 yrs

1 yrs15 yrs

Your Marginal Income Tax Rate (%)35 %

20 %54 %

Expected Annual Investment Growth (%)6 %

1 %10 %

Calculated ResultFirst Home Savings Account (FHSA $40,000 Lifetime)

Total Tax-Free FHSA Home Down Payment Fund

45,097CAD $

Total Tax Refund Cheques Received from CRA

14,000 CAD $

Annual Tax Refund Saved Each Year (£/yr)

2,800 CAD $

Detailed Calculation Breakdown

Cash Saved

40,000 CAD $

Tax-Free Growth

5,097 CAD $

CRA Tax Refunds

14,000 CAD $

Final Down Payment Pot

45,097 CAD $

Calculation Methodology

Tax Refund = Annual Contribution * Marginal Tax Rate%. Total FHSA House Fund = Compounded annual contributions over savings timeline.

Important Legal & Educational Disclaimer

An FHSA can stay open for up to 15 years or until the end of the year you turn 71. Unused room carries forward up to a maximum of $8,000 per year.

This calculator is designed for educational and informational purposes only based on public statutory frameworks. The outputs do not constitute binding financial, tax, or legal advice. We assume no liability for decisions made based on these estimations. Always verify with the relevant official authorities or a certified professional advisor.

Frequently Asked Questions

Yes! First-time buyers can combine both their FHSA (up to $40k+ with growth) and the RRSP Home Buyers' Plan ($60,000) for a tax-free down payment.

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Canada First Home Savings Account (FHSA) Tax Deduction & House Fund Calculator

Calculator Inputs

Detailed Calculation Breakdown

Calculation Methodology

Important Legal & Educational Disclaimer

Frequently Asked Questions

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