FHSA Contribution Room Calculator

The First Home Savings Account is a registered account that combines RRSP-style tax deductions with TFSA-style tax-free withdrawals — but only for first-time home buyers. Annual contribution limit is $8,000, lifetime cap is $40,000.

You must be a Canadian resident, age 18+, and a first-time home buyer (you and your spouse haven't owned a home you lived in during the year you open the FHSA or in the previous four calendar years).

Room only starts accruing the year you open the account. You get $8,000 per year, and unused room can carry forward up to a maximum of $8,000 per year (so you can contribute up to $16,000 in one year if you have full carry-forward room).

FHSA generally wins for first-home savings: same RRSP-style tax deduction going in, but withdrawals for a qualifying home purchase are completely tax-free (RRSP requires repayment under the HBP). FHSA is also lower-friction — no minimum repayment schedule. If you're saving for a home and qualify, max FHSA first.

Yes — and you should. The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP for a first home (must be repaid over 15 years). The FHSA gives you up to $40,000 that's permanently tax-free. Combined, that's $100,000 of home-buying power per person.

You have until December 31 of the 15th year after opening (or the year you turn 71, whichever comes first) to use the FHSA for a qualifying home purchase. After that, unused funds must be transferred tax-free to your RRSP/RRIF or withdrawn as taxable income.

Yes — same as RRSP. Deduct your contribution from taxable income for the year. Tax savings depend on your marginal rate; this calculator estimates your annual savings using the top of your bracket.