Free tool · Canada · 2026 tax year, Canada Revenue Agency limits
Enter what you plan to put into a First Home Savings Account (FHSA) each year, how many years until you buy, and your own expected return and marginal tax rate, and see the projected account value at purchase, the total you contributed, the tax saved on those contributions, and the room you have left. This is an estimate only. Contributions are tax-deductible and a qualifying withdrawal for a first home is tax-free.
What is already in your FHSA today, across all your FHSAs. Enter 0 if you have not opened one yet. Growth inside the account can take the balance above the $40,000 lifetime contribution limit — the limit applies to contributions, not to the balance.
How much you plan to contribute each year. The Canada Revenue Agency gives you $8,000 of participation room per year, and unused room carries forward only up to $8,000 — so the most you can contribute in any one year is $16,000 (the year's $8,000 plus up to $8,000 carried forward). This calculator stops contributions once your total reaches the $40,000 lifetime limit.
Years from now until the purchase. An FHSA must be closed at the end of its maximum participation period — 15 years after you open your first FHSA, or the end of the year you turn 71, whichever comes first — so 15 is the longest horizon this calculator accepts.
The annual return you expect your FHSA investments to earn. This is your assumption, not a published rate — the CRA publishes no return figure. The calculator compounds it once a year, with each year's contribution added at the start of the year.
Your marginal tax rate — the tax rate on your next dollar of income, federal plus provincial. This is your assumption, not a published figure. FHSA contributions are generally deductible, so the tax saved is your contributions times this rate. Check your actual marginal rate on your notice of assessment or with a tax professional.
The projection follows the CRA's 2026 limits: $8,000 of room a year, a $40,000 lifetime contribution limit, and no more than $16,000 contributed in a single year. Contributions stop in the projection once the lifetime limit is reached. The tax saved is the total contributed times the marginal tax rate you entered. A qualifying withdrawal for a first home is tax-free and is not repaid.
Annual room: $8,000. Your FHSA participation room in the first year you open your FHSA is $8,000, and you receive $8,000 of new room each year after that. Unused room carries forward, but only up to $8,000, so the most you can contribute in one year is $16,000. The contribution deadline is December 31 — unlike an RRSP, there is no 60-days-into-the-next-year window.
Lifetime limit: $40,000. Total contributions across all your FHSAs, including transfers from your RRSPs, cannot exceed $40,000. Transfers from an RRSP count toward the limit but are not deductible. Growth inside the account is not a contribution, so the balance can exceed $40,000.
Closing deadline: 15 years or age 71. The account must be closed at the end of the maximum participation period — 15 years after you open your first FHSA, or the end of the year you turn 71, whichever comes first. A qualifying withdrawal for a first home is tax-free; after a first qualifying withdrawal you cannot contribute again.
What counts as a qualifying withdrawal. Every condition must be met at the time you withdraw, or the withdrawal may be taxable: you are a first-time home buyer on the withdrawal test — you did not live in a home you owned or jointly owned as your principal place of residence in the current calendar year before the withdrawal, except the 30 days immediately before it, or in the previous 4 calendar years; you have a written agreement to buy or build a qualifying home, with acquisition or construction completion before October 1 of the year following the withdrawal; you did not acquire the home more than 30 days before the withdrawal; you are a resident of Canada from the time of your first qualifying withdrawal until the home is acquired; you occupy or intend to occupy the home as your principal place of residence within one year after buying or building it; and you give Form RC725, Request to Make a Qualifying Withdrawal from your FHSA, to your FHSA issuer. Note the withdrawal test is not the same as the test to open an account: it does not count a home your spouse or common-law partner owned.
What this calculator assumes, and what you entered. The rate of return and the marginal tax rate are your inputs, printed above — the CRA publishes neither. Contributions are added at the start of each year and compound annually at the return you entered. The tax saved is total contributions (not growth) times the marginal tax rate you entered. The calculator does not model RRSP transfers into the FHSA, the Home Buyers' Plan, or the 1% per month tax on excess contributions.
Sources: Canada Revenue Agency, First Home Savings Account (FHSA) (the $8,000 participation room in the opening year and the general deductibility of contributions), and Canada Revenue Agency, Definitions for FHSAs (the $8,000 annual amount, the $40,000 lifetime limit, the carry-forward capped at $8,000, and the maximum participation period), and Canada Revenue Agency, Withdrawals and transfers out of your FHSAs (the qualifying-withdrawal conditions and Form RC725) — all checked November 10, 2026. No figure on this page comes from anywhere else. Where a figure could not be verified on an opened official page, this page says to check the official page instead of stating it.
Next step: read the full step-by-step guide: How to Open an FHSA in Canada