Finance Calculators

FHSA Savings Calculator

Project FHSA savings, contribution limits, and estimated tax savings for first-time home buyers.

Basics

Annual contributionsiFHSA contributions are limited annually and over your lifetime.

Expected investment returniUse a conservative annual return assumption.

Time horizoniThe FHSA has a maximum participation period, so keep the horizon realistic.

years

Estimated marginal tax rateiUse an approximate combined marginal tax rate for deduction savings.

The First Home Savings Account helps eligible first-time buyers save with deductible contributions and tax-free qualifying withdrawals.

FHSAs combine some RRSP-style tax deductions with TFSA-style tax-free qualifying withdrawals.

Eligibility and withdrawal rules matter. Check CRA guidance before opening, contributing, or withdrawing.

Frequently asked questions

What are the contribution limits?+

Generally $8,000 annually and $40,000 lifetime, subject to participation room rules.

Can investment growth exceed $40,000?+

Yes. The limit applies to eligible contributions and transfers, not investment growth.