FHSA
Last updated
A first home savings account is a registered plan for a qualifying first home. The year you open your first one, participation room is $8,000. Unused room carries forward up to $8,000. The lifetime contribution limit is $40,000.
A qualifying withdrawal is not taxed. Other withdrawals generally are. The FHSA calculator applies the room rules to a contribution plan. It does not decide if you are a first-time buyer.
Methodology
Limits are the CRA amounts. Eligibility is described, not tested.