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FHSA Room Calculator
Calculate your First Home Savings Account contribution room and estimated tax savings.
FHSA basics: $8,000/year, up to $40,000 lifetime. Contributions are tax-deductible and withdrawals for a qualifying home are tax-free.
FHSA launched April 1, 2023
Used to estimate your tax refund on contributions
Results update automatically as you type.
FHSA Key Rules
- ✓ Must be a Canadian resident and first-time home buyer
- ✓ Account must be open for at least one calendar year before withdrawal
- ✓ $8,000/year contribution limit with $40,000 lifetime max
- ✓ Unused room carries forward one year (e.g. 2023 miss → add to 2024)
- ✓ Qualifying withdrawals are fully tax-free (unlike RRSP HBP which must be repaid)
- ! Account expires Dec 31 of the year you turn 71, or 15 years after opening
Open a Wealthsimple FHSA with code NLX83A — get $25 free.
Open FHSA — Get $25 Free →