2026
FHSA calculator
A first home savings account starts with $8,000 of participation room. Unused room carries forward up to $8,000, and the lifetime contribution limit is $40,000.
Last updated
Projected FHSA balance
$45,209.15
Contributions $40,000.00 of the $40,000.00 lifetime limit. Estimated deduction value this year $2,522.00 if the contribution is deducted like an RRSP.
- Year 1 room $8,000.00
- Contribute $8,000.00
- Year 2 room $8,000.00
- Contribute $8,000.00
- Year 3 room $8,000.00
- Contribute $8,000.00
- Year 4 room $8,000.00
- Contribute $8,000.00
- Year 5 room $8,000.00
- Contribute $8,000.00
Worked example
Opening an FHSA and contributing $8,000.00 a year for five years, with an assumed 4% effective return, projects a balance of $44,119.34. Contributions in that example are $40,000.00. A qualifying withdrawal to buy a first home is tax-free. This projection does not model a taxable withdrawal or a transfer to an RRSP.
Methodology
Year one room is the annual limit of $8,000.00. Each later year adds another annual amount plus unused room from the prior year, and unused room carried forward cannot exceed $8,000.00. Contributions stop at the lifetime limit of $40,000.00. The deduction estimate reuses the employment-income tax calculator and is only a sketch of the tax reduction. Eligibility rules — age, residency, and first-time buyer status — are not checked.