FHSA (Kanada)

How to Use This FHSA Calculator

This calculator projects a Canadian First Home Savings Account balance at the time of a home purchase, including the tax deduction value of contributions at your marginal rate.

How It’s Calculated

FHSA Balance = Contributions + Investment Growth (tax-free)
Tax Benefit = Annual Contribution × Marginal Tax Rate
(Up to $8,000/year, $40,000 lifetime limit)

The FHSA is unique among Canadian registered accounts in combining an RRSP-style deduction with TFSA-style tax-free withdrawals.

Example

Contributing the maximum $8,000 per year for five years at a 30% marginal rate generates $12,000 in cumulative tax refunds, on top of the $40,000 principal plus tax-free investment growth.

Frequently Asked Questions

How is the FHSA different from the RRSP Home Buyers’ Plan?

FHSA contributions are tax-deductible like an RRSP, but withdrawals for a qualifying home purchase are completely tax-free like a TFSA. Unlike the HBP, there’s no requirement to repay the withdrawal.

What happens if I don’t buy a home?

Unused FHSA funds can be transferred tax-free into an RRSP without affecting RRSP contribution room, or withdrawn — though non-qualifying withdrawals are taxed as income.

Can I use both the FHSA and the RRSP Home Buyers’ Plan?

Yes — they can be combined for the same home purchase, significantly increasing the tax-advantaged funds available for a down payment.