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

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).

Immobilier et Propriétés Épargne et Dépôts Impôts et Taxes

Données du Simulateur

En temps réel

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

CAD $

Sélection rapide :

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 %

Résultat CalculéFirst 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 $

Détail du Calcul

Cash Saved

40,000 CAD $

Tax-Free Growth

5,097 CAD $

CRA Tax Refunds

14,000 CAD $

Final Down Payment Pot

45,097 CAD $

Méthodologie de Calcul

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

Avertissement Légal et Pédagogique

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.

Ce simulateur est conçu à des fins éducatives et informatives. Les résultats ne constituent pas un conseil financier, fiscal ou juridique contraignant.

Foire Aux 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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Données du Simulateur

Détail du Calcul

Méthodologie de Calcul

Avertissement Légal et Pédagogique

Foire Aux Questions

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