FHSA Room Calculator
Calculate your First Home Savings Account contribution room and estimated tax savings.
FHSA launched April 1, 2023
Used to estimate your tax refund on contributions
Results update automatically as you type.
Open a Wealthsimple FHSA with code NLX83A — get $25 free.
Open FHSA — Get $25 Free →What is an FHSA?
The First Home Savings Account (FHSA) launched in April 2023 and is Canada's newest registered account — combining the best features of the RRSP and TFSA. Contributions are tax-deductible (like an RRSP) and qualifying withdrawals to buy your first home are completely tax-free (like a TFSA).
You can contribute $8,000 per year with a lifetime maximum of $40,000. Unused room from a prior year carries forward by one year (e.g., if you missed 2023, you can contribute $16,000 in 2024). If you never buy a home, you can transfer the funds to your RRSP without using your RRSP room — you just lose the TFSA-side tax-free benefit.
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 limit with $40,000 lifetime max
- ✓ Unused room carries forward one year only
- ! Account expires Dec 31 of the year you turn 71, or 15 years after opening