Registered Accounts

FHSA Calculator

First Home Savings Account: tax-free savings for first-time buyers with RRSP deductibility.

FHSA Details

First Home Savings Account: 2026 rules

• $8,000/year contribution room | $40,000 lifetime maximum

• Deductible like RRSP + tax-free withdrawal like TFSA

• Must be a first-time home buyer to open and withdraw

• Account can remain open for 15 years or until age 71

Annual Contribution

Maximum $8,000/year. Lifetime cap: $40,000. Lifetime cap reached; additional years earn no room.

Marginal Tax Rate

Used to calculate your annual tax deduction refund.

Expected Annual Return

Years to Save

years

FHSA can stay open for a maximum of 15 years.

The FHSA is the only Canadian account that is both deductible on contribution AND tax-free on withdrawal. A $8,000 contribution at a 40% tax rate earns a $3,200 refund. All growth is withdrawn completely tax-free when you buy your first home.

Savings Summary

Tax-Free Balance

$46,415

Total Tax Refunds

$16,000

Your Net Cost

$24,000

after refunds

Tax-Free Growth

$6,415

If you buy a home

$46,415

Tax-free withdrawal: no tax owed on withdrawal

Refunds received$16,000

Total benefit$62,415

If you transfer to RRSP

$46,415

Transfers to RRSP without using contribution room

Refunds received$16,000

RRSP withdrawal taxedat retirement rate

Contributions
Balance

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