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How Much Can I Contribute to my FHSA?

FHSA Calculator

— First Home Savings Account · Canada 2025

How to Use This Calculator

The First Home Savings Account (FHSA) is Canada's newest registered account, launched in 2023. It uniquely combines the best features of both the RRSP (tax-deductible contributions) and the TFSA (tax-free withdrawals). Every dollar you contribute reduces your taxable income today, and every dollar you withdraw for a qualifying home purchase is completely tax-free.

📅 Annual Limit: $8,000/year
💰 Lifetime Limit: $40,000 total
↩️ Carry-Forward: Up to $8,000 unused room from prior year
✅ Tax deductible contributions (like RRSP)
✅ Tax-free growth inside the account
✅ Tax-free withdrawal for home purchase (like TFSA)
⏰ Time Limit: 15 years after opening or age 71
🏠 Eligible: First-time buyers only
⏳ Must wait: 1 calendar year after opening
  1. Enter your income and province — Your marginal tax rate determines how much tax you save on each dollar contributed.
  2. Set your contribution plan — Annual amount, when you opened (or plan to open) your FHSA, and your target purchase year.
  3. Set your investment return — Conservative (GIC ~4%), balanced (~6%), or growth (~8%) depending on how you invest inside the FHSA.
  4. Add your RRSP balance — To see the combined FHSA + HBP strategy and total down payment available.
  5. Click Calculate — See your projected FHSA balance, total tax savings, year-by-year growth, and full comparison with RRSP and TFSA.
Income & Province
Annual Income $85,000
Your Marginal Tax Rate
43.41%
FHSA Contribution Plan
Annual Contribution $8,000
Max $8,000/year · $40,000 lifetime
Investment Return (Annual) 6.0%
GIC ~4% · Balanced ~6% · Growth ~8%
RRSP Home Buyers Plan (HBP)

Combine FHSA with RRSP HBP for maximum down payment

Current RRSP Balance $25,000
Annual RRSP Contribution $5,000
2025 RRSP limit: $31,560
🏦
Enter your details and click Calculate
Your full FHSA plan will appear here

Legal Disclaimer
Illustrative Purposes Only: This calculator and the data provided (including regional benchmarks from CREA and CMHC) are intended for educational and illustrative purposes only. The results are estimates based on user inputs and market averages and do not constitute financial, legal, or investment advice.

No Guarantees: While we strive to maintain the most accurate and up-to-date information, InvestorMetrics does not guarantee the accuracy, completeness, or reliability of any calculations or data displayed. Real estate markets, interest rates, and tax laws are subject to frequent changes.

User Responsibility: Investment involves risk. Users are responsible for performing their own due diligence and should consult with a qualified mortgage broker, real estate lawyer, or financial advisor before making any financial decisions. InvestorMetrics and its affiliates are not liable for any losses or damages arising from the use of or reliance on this tool.

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