FHSA Contribution & Tax Savings Calculator

A deduction like an RRSP going in, a tax-free withdrawal like a TFSA coming out. The catch is a room system that starts the day you open the account, not the day you became eligible.

Reading This Tool

How To Use This Calculator

Enter how many years the account has been open, what's been contributed so far, and your marginal tax rate.

The annual limit is $8,000, with up to $8,000 of unused room carried forward from a single prior year, capped at a $40,000 lifetime total. Unlike a TFSA, room does not accumulate before the account is actually opened.

Your Inputs

Years Since The Account Was Opened 3

Total Contributed So Far (Lifetime) $10,000

Contribution Planned This Year $8,000

Your Marginal Tax Rate 35.0%

Must be a first-time home buyer, meaning no ownership of a home you lived in during the current year or the preceding four calendar years. The account stays open for 15 years or until the end of the year you turn 71, whichever comes first.

Your Room & Tax Savings

Tax Deduction From This Year's Contribution

Available Room This Year

Remaining Lifetime Room

Lifetime Contribution Progress

If the funds aren't used for a qualifying home purchase, the balance can transfer tax-free to an RRSP or RRIF, or be withdrawn as fully taxable income. Overcontributing triggers a 1% per month penalty tax on the excess until it's withdrawn.

Combining this with the Home Buyers' Plan?

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