Canada FHSA calculator
Calculate Canadian First Home Savings Account (FHSA) tax deductions up to $8,000/yr, $40,000 lifetime limit, and tax-free down payment growth.
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Principal saved ($40k max)
Compound gains (100% tax-free)
Remaining lifetime space
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About this tool
Calculate your home savings growth in a Canadian First Home Savings Account (FHSA). Combines the best features of an RRSP and a TFSA: contributions up to $8,000 per year ($40,000 lifetime) are 100% tax-deductible against your income, and qualifying withdrawals for purchasing a first home are 100% tax-free.
How to use it
- 1 Enter your planned annual FHSA deposit (up to $8,000 annual CRA limit).
- 2 Enter your combined marginal tax rate to calculate your instant annual CRA tax refunds.
- 3 Select your savings horizon (1 to 15 years) and expected investment return rate.
- 4 Review your total tax deductions, compound investment returns, and accumulated down payment fund.
Questions
What are the contribution limits for the Canadian FHSA?
The annual contribution limit is $8,000 per year, up to a lifetime maximum contribution limit of $40,000 per person.
Can I combine the FHSA with the Home Buyers' Plan (HBP)?
Yes! Qualifying first-time home buyers in Canada can withdraw up to $40,000+ from their FHSA tax-free AND also withdraw up to $60,000 from their RRSP under the enhanced Home Buyers' Plan.
Is my data uploaded?
No. This tool runs in your browser, so your text and files never reach our server.
Is this tool free?
Yes. It’s free to use with no sign-up and no limits for normal use.
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