FHSA Calculator
Saving for a first home? The FHSA gives you an RRSP-style tax deduction and TFSA-style tax-free withdrawals. See your projected balance and the tax refunds along the way.
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Frequently asked questions
What is an FHSA?
The First Home Savings Account (new in 2023) is for saving toward your first home. It combines the best of both worlds: contributions are tax-deductible like an RRSP, and withdrawals for a qualifying home — including growth — are tax-free like a TFSA.
How much can I put in?
Up to $8,000 per year and $40,000 over your lifetime. Unused annual room (up to $8,000) can carry forward one year. You can hold an FHSA for up to 15 years.
What if I never buy a home?
You can transfer the FHSA (including growth) to your RRSP or RRIF tax-free, without using RRSP room. So the savings aren’t lost — they just become retirement money instead.