FHSA Calculator
Updated on 22 Oct 2026 for the 2026 tax year · Checked by Aotob
Paying C$8,000 a year into an FHSA, you have C$44,119 for a first home in 5 years.
You also get about C$2,522 back in tax each year you pay in, C$12,610 in total. Withdrawals for a qualifying first home are tax-free.
For your home in 5 years
C$44,119
You reach the $40,000 lifetime limit. Anything more for your deposit can go in a TFSA or the RRSP Home Buyers’ Plan.
Show the working
Refund = tax on 75,000 − tax on 67,000 = 2,522 a year
Paid in 40,000 (lifetime limit 40,000), growing at 4% = 44,119
Your FHSA
Year by year
| Year | Paid in | Balance |
|---|---|---|
| 1 | 8,000 | 8,146 |
| 2 | 16,000 | 16,617 |
| 3 | 24,000 | 25,427 |
| 4 | 32,000 | 34,590 |
| 5 | 40,000 | 44,119 |
Questions people ask
What are the FHSA limits?
$8,000 a year and $40,000 in total. Unused room carries forward, but only up to $8,000, so the most you can put in one year is $16,000.
How is it taxed?
Contributions are deducted from your income like an RRSP, so you get a refund. Growth and a qualifying withdrawal for your first home are tax-free.
What if I don’t buy a home?
The account can stay open 15 years or until you turn 71. You can move the money to an RRSP or RRIF without tax and without using RRSP room.
Updated 22 Oct 2026Tax year 2026Source: CRA: First Home Savings AccountChecked by AotobRefund estimated from 2026 federal and provincial rates. Growth assumed steady.Report an issue