OUTSIDERTRADING.CA · FIRST HOME PLANNER
Track FHSA room, model investment growth and estimate the tax benefit of eligible cash contributions. All amounts are Canadian dollars. The starting figures below are an editable example, not your CRA records.
Plan your first-home savings
Future cash contributions are capped automatically at available annual and lifetime room. Enter 0 to model no additional contributions. The 2026 row below includes amounts already made this year; add a planned 2026 amount separately only if you intend to make it before the assumed year-end withdrawal.
Contributions and transfers already made
Include every FHSA. Cash contributions and direct RRSP-to-FHSA transfers use the same room. Exclude direct transfers between your own FHSAs. Changing the opening year preserves entries for overlapping years; review the history afterward.
Your estimated results
- Remaining lifetime contribution/transfer room — now
- Available contribution/transfer room in 2026 — now
- Projected account balance at year-end purchase
- Estimated total tax savings from entered cash contributions
- Eligible cash contributions entered (before future plans)
- RRSP-to-FHSA transfers entered (not deductible)
- Estimated tax savings including future cash plans
View annual room and projection breakdown
| Year | Room at start | Deposits | Balance |
|---|
Tax savings are an illustration of eligible cash contributions multiplied by the single marginal rate entered. The total includes past contributions and may include benefits already claimed; it is not a new refund estimate. RRSP transfers receive no new deduction. Actual deductions depend on available deduction room, taxable income, prior claims and the rate in the year claimed. Tax refunds are not reinvested in this projection.
FHSA rules to understand first
FHSA room starts only in the year you open your first FHSA. Unlike a TFSA, you do not build unused room simply by being old enough. The first-year room is $8,000. In ordinary cases, later annual room is $8,000 plus up to $8,000 carried forward, subject to the $40,000 lifetime contribution-and-transfer limit. Unused room does not accumulate without a carryforward cap.
Your cash contributions and RRSP-to-FHSA transfers share the room across all your FHSAs. A direct RRSP transfer is not deductible and does not restore RRSP room. Growth inside the FHSA does not use contribution room; your balance may exceed $40,000.
Who can open an FHSA?
You must be a Canadian resident, at least 18 (some provinces require age 19 to enter a contract), no older than 71 at the end of the opening year, and a first-time home buyer under CRA’s opening test. In the current year before opening and the previous four calendar years, you must not have lived in a principal residence owned or jointly owned by you or your spouse or common-law partner at opening. Review the full CRA conditions; a birth year and checkbox cannot establish eligibility.
When must the account close?
The maximum participation period ends on December 31 of the earliest applicable year: the year of the 15th anniversary of opening your first FHSA, the year you turn 71, or the year after your first qualifying withdrawal. Close all FHSAs by that deadline. The planner assumes no previous withdrawal and rejects a purchase beyond the applicable age/anniversary deadline.
Are first-home withdrawals tax-free?
Qualifying withdrawals, including investment growth, are tax-free and do not need repayment. CRA’s withdrawal eligibility test differs from the opening test. You need a written agreement to buy or build a qualifying Canadian home before October 1 of the following year, must not have acquired it more than 30 days before withdrawal, must satisfy residency conditions and intend to occupy it within one year. Give Form RC725 to your issuer. Check every condition with CRA before withdrawing.
FHSA calculator FAQs
How are contributions and growth timed?
Every entered contribution and transfer is modelled at the end of its calendar year. The existing balance earns the assumed annual return first, then that year’s deposits are added. The projected purchase is at the end of the selected year. Historical returns are modelled using the same assumed rate; the result is not your actual present balance or a live investment valuation. A purchase earlier in the year or different deposit dates changes the result.
What does the example show?
Opening in 2024, contributing $8,000 at each of the 2024 and 2025 year-ends, then adding nothing else leaves $24,000 lifetime room and $8,000 room in 2026. At 6%, the end-of-2030 projection is $8,000 × 1.06⁶ + $8,000 × 1.06⁵ = $22,053.96. At a 30% marginal rate, the illustrative tax benefit on the $16,000 of cash contributions is $4,800.
Can I deduct contributions later?
Eligible unclaimed contributions can generally be deducted in a later year. Contributions after your first qualifying withdrawal are not deductible. FHSA calendar-year contributions follow a different deadline from RRSP contributions; the first 60 days of the next year do not count for the previous year.
What if I contribute too much or have already withdrawn?
The calculator hides results and flags annual or lifetime excesses. Generally, the monthly tax is 1% of the highest excess FHSA amount in the month. It does not compute the penalty or implement designated corrections, taxable-withdrawal re-participation room, successor-holder rules or other special adjustments. Those histories require CRA’s detailed calculation. An ordinary qualifying withdrawal does not reset your contribution allowance.
What if I do not buy a home?
Generally, a direct transfer to your own RRSP or RRIF can defer tax without using RRSP deduction room if there is no excess FHSA amount. A non-qualifying cash withdrawal is generally taxable. Arrange the appropriate withdrawal or transfer and account closure before your deadline.
Related reading
Official CRA references
- Participation room and carryforwards
- Opening eligibility
- Deductions and RRSP transfers
- Qualifying withdrawals and transfers out
- Mandatory closure deadlines
Rules checked October 21, 2026. This calculator is for educational purposes only and does not represent financial advice. Results are estimates, not guaranteed returns, a CRA assessment, or confirmation of eligibility. The projection excludes fees, inflation, changing tax brackets and investment volatility. Review CRA records and your own statements; seek qualified advice for your circumstances. The calculator does not store or send your inputs; other site services operate under our privacy policy.
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