First Home Savings Account — project your growth, tax savings, and path to homeownership.
Lifetime maximum: $40,000
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The FHSA is a registered account introduced in 2023 that lets first-time home buyers save up to $8,000 per year (lifetime max $40,000) for a home purchase. Contributions are tax-deductible like an RRSP, and withdrawals for a qualifying home purchase are completely tax-free like a TFSA — making it the most powerful savings account available to first-time buyers.
The RRSP Home Buyers' Plan lets you borrow up to $35,000 from your RRSP tax-free — but you must repay it over 15 years. The FHSA requires no repayment and withdrawals are permanently tax-free. For most first-time buyers, the FHSA is the better tool, though combining both is also allowed.
If you don't contribute the full $8,000 in a given year, you can carry forward the unused room — but only up to a maximum of $8,000 in carry-forward at any one time. The account must be used within 15 years of opening, or funds can be transferred to an RRSP tax-free.
You must be a Canadian resident, at least 18 years old, and a first-time home buyer (meaning you haven't owned a qualifying home you lived in during the current year or the preceding four years).
This calculator provides estimates based on current FHSA rules and contribution limits. Tax savings are estimated using approximate combined marginal rates by province. Consult a financial advisor or tax professional for personalized advice.