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FHSA (First Home Savings Account) Calculator (2026)

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Computes FHSA contribution room remaining and the maximum further contribution that can be made this year. Models the $8,000 annual cap, $40,000 lifetime cap, and the up-to-$8,000-from-prior-year carry-forward rule.

Inputs

2023 = the year the FHSA was introduced (April 1).

Across all years. Lifetime cap: $40,000.

Capped at $8,000. Older unused room is lost.

Result
Max contribution this year
$8,000
= MIN(this-year + carry-forward, lifetime remaining)
Lifetime room remaining
$32,000
$40,000 − contributions to date
This-year room
$8,000
Annual cap: $8,000
Total room this year
$8,000
this-year + capped carry-forward
Years FHSA has been open
3
Maximum lifespan: 15 years
  • · Room only accrues from the year the account is opened, NOT from age 18. Open the account in any year you may want a first home in the next 15 years to start the clock.

The First Home Savings Account, launched April 1, 2023, is a registered account that lets eligible first-home buyers save up to $40,000 over a maximum of 15 years. Contributions are tax-deductible (like RRSP), growth is tax-sheltered (like TFSA), and qualifying withdrawals for a first home are tax-free (also like TFSA). This calculator computes how much more you can contribute this year given your current contribution history and any carry-forward room.

How this calculator works

this_year_room = $8,000

capped_carry_forward = MIN(carry_forward, $8,000)

total_room_this_year = this_year_room + capped_carry_forward

lifetime_room_remaining = $40,000 − contributions_to_date

max_contribution_now = MIN(total_room_this_year, lifetime_room_remaining)

Sources: CRA — First Home Savings Account. Limits in data/contribution-limits-2026.json.

Worked example

Sarah opened her FHSA in 2024 and contributed $5,000 that year. She did not contribute in 2025 — that $3,000 of unused room carries into 2026. In 2026 she has $8,000 (this year) + $3,000 (carry forward) = $11,000 of room. Lifetime room remaining: $40,000 − $5,000 = $35,000. Max 2026 contribution: $11,000.

Frequently asked questions

When does FHSA room start accruing?

From the calendar year you OPEN the account, not the year you turn 18 (unlike RRSP and TFSA). Opening an FHSA in 2026 grants $8,000 of room for 2026; opening in 2025 grants $8,000 for 2025 + $8,000 for 2026 (assuming no contributions). To start the clock on FHSA room, open the account — even with $0 — in any year you may want a first home in the next 15 years.

How does carry-forward work?

Up to one year of unused annual room ($8,000) can carry forward into the next year, allowing a single $16,000 contribution that year. Older unused room (more than one prior year) is permanently lost — the FHSA is more restrictive than the TFSA on carry-forward. The lifetime cap of $40,000 still applies regardless of carry-forward.

What's the difference between FHSA and TFSA / Home Buyers' Plan?

FHSA combines features of both: contributions are tax-deductible (like RRSP/HBP), and qualifying withdrawals for a first home are tax-free (like TFSA). RRSP/HBP withdrawals must be repaid over 15 years; FHSA withdrawals do not. TFSA contributions are not tax-deductible. For a first-home purchase, the FHSA is generally the most favourable account if you have the income to benefit from the deduction. The HBP and FHSA can be combined on the same purchase — FHSA up to $40,000 + HBP up to $60,000 = up to $100,000 toward a first home from these two programs.

Sources

Every figure on this page traces back to a primary Canadian authority. See the complete sources index for the master list.

Verified against CRA FHSA program page and the 2026 contribution-limits factsheet on .

Important

This calculator is for informational purposes only. It is not financial, tax, mortgage, or legal advice. Tax rates, mortgage rules, and contribution limits change. Always verify current rules with the relevant Canadian authority and consult a licensed professional before making financial decisions.