Calculator · Open source
FHSA Calculator (First Home Savings Account)
Calculate how much your FHSA can grow tax-free for your first home. Combines RRSP deduction with TFSA tax-free withdrawal — the best of both worlds.
Methodology
Public formulas, updated regularly. Built for Canadians, by Canadians.
$75,000
$8,000
Annual limit: $8,000 • Lifetime limit: $40,000 • Max account life: 15
5 years
5.0%
$400,000
FHSA vs Other Accounts
| Account | After-Tax Value | Tax Benefit |
|---|---|---|
| FHSA | $46,415 | Best: deduction + tax-free |
| RRSP + HBP | $38,569 | Taxed on withdrawal |
| TFSA | $38,722 | No deduction |
| Non-Registered | $45,641 | Capital gains taxed |
Year-by-Year Growth
| Year | Contribution | Balance | Cumulative Tax Saved |
|---|---|---|---|
| 1 | $8,000 | $8,400 | $1,932 |
| 2 | $8,000 | $17,220 | $3,864 |
| 3 | $8,000 | $26,481 | $5,796 |
| 4 | $8,000 | $36,205 | $7,728 |
| 5 | $8,000 | $46,415 | $9,660 |
FHSA Balance
$46,415
After 5 years • 100% tax-free for home purchase
Tax Deductions Saved
$9,660
Investment Growth
$6,415
Down Payment Readiness
FHSA only11.6%
FHSA + RRSP HBP ($60,000)26.6%
of $400,000 home
FHSA Tips
Open your FHSA as early as possible — unused room carries forward ($8K/year max).
Combine FHSA ($40K) + RRSP HBP ($60K) = up to $100K tax-advantaged for your first home.
If you don't buy a home within 15 years, you can transfer the FHSA to your RRSP without using contribution room.