FHSA Calculator

The First Home Savings Account combines the best of RRSP and TFSA: contributions are tax-deductible (like an RRSP) and qualifying withdrawals to buy a first home are tax-free (like a TFSA). It was introduced in April 2023.

You can contribute up to $8,000 per year, with a lifetime maximum of $40,000. Unused contribution room can carry forward up to $8,000 (max $16,000 in one year).

Canadian residents aged 18+ who are first-time home buyers (you and your spouse have not owned a home in the current year or the preceding 4 calendar years). The account must be closed within 15 years of opening or by December 31 of the year you turn 71.

Yes. You can use both FHSA withdrawals and the Home Buyers Plan (RRSP withdrawal up to $60,000) for the same home purchase.