FHSA Calculator: First Home Savings Account
The FHSA lets first-time buyers contribute up to $8,000 a year, to a $40,000 lifetime limit. Contributions are tax-deductible, and qualifying withdrawals to buy a first home are tax-free.
Calculator
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Projected FHSA balance
$43,747
$40,000 contributed + $3,747 growth
Contributions are tax-deductible
$40,000
Lifetime limit reached
| Year | Room available | Contribution | Balance |
|---|---|---|---|
| 1 | $8,000 | $8,000 | $8,240 |
| 2 | $8,000 | $8,000 | $16,727 |
| 3 | $8,000 | $8,000 | $25,469 |
| 4 | $8,000 | $8,000 | $34,473 |
| 5 | $8,000 | $8,000 | $43,747 |
Assumes you open the FHSA in year 1 and contribute at the start of each year. Your actual room is shown in your CRA account.
Carryforward
Unused room carries forward to the next year, up to $8,000. The most you can contribute in a single year is the annual limit plus your carryforward.
Sources
Rules are summarized in our own words from official publications. Check the source and talk to your lender or a licensed professional before making a decision.
Informational only, not financial advice. Data as of the release snapshot generated 2026-11-12.