FHSA Calculator — First Home 2026
The FHSA (First Home Savings Account) allows you to contribute up to $8,000/year, max $40,000 lifetime. Combines RRSP benefits (tax deduction) with TFSA benefits (tax-free withdrawals to buy a first home).
FHSA Calculator 2026
Why is the FHSA advantageous?
The FHSA combines the two best Canadian tax advantages: tax deduction on contributions (like RRSP) AND tax-free withdrawals for first-home purchase (like TFSA). No other account combines both.
Essential rules
- Max annual contribution: $8,000 per calendar year
- Lifetime cap: $40,000 (over 5+ years minimum)
- Carry forward: unused room carries up to additional $8,000/year
- Max delay: 15 years to use your FHSA, otherwise mandatory transfer to RRSP (without touching RRSP room)
- Conditions: must be 18+ and never have owned a property in the past 4 years
Frequently Asked Questions
Who is eligible for FHSA?
Canadian resident 18+ who hasn't owned a principal residence in the past 4 years (you or your spouse).
Can I combine FHSA and RRSP HBP?
Yes, since 2024. You can use FHSA ($40,000) AND RRSP HBP ($60,000) on the same property, totaling $100,000.
Are FHSA contributions tax-deductible?
Yes, up to $8,000/year ($40,000 lifetime) is deductible from taxable income, like an RRSP.
What if I don't buy a home?
You have 15 years after opening to use FHSA. Otherwise, mandatory transfer to RRSP (without impacting existing RRSP room).
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