FHSA Calculator Canada 2025
Calculate your First Home Savings Account tax deduction, growth projection, FHSA + HBP $100K combo strategy, and compare FHSA vs RRSP vs TFSA for first-time home buyers.
Estimates only. Consult a financial advisor for personal tax and investment advice.
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How to Use This Calculator
Tab "Contribution & Tax Saving"
Enter your annual income, province, and planned FHSA contribution. The calculator shows your tax deduction, refund at your combined marginal rate, and projected account balance over time. Under "More options," add your existing FHSA balance, carryforward room, expected return rate, and years until home purchase for a growth projection.
Tab "FHSA + HBP Combo"
See how to stack the FHSA ($40K max) with the Home Buyers' Plan ($60K from RRSP) for up to $100,000 in tax-advantaged funds. Enter your FHSA balance, RRSP balance, and other savings. The calculator shows total funds available, FHSA (tax-free, no repayment) vs HBP (must repay over 15 years), and your total home purchase power.
Tab "FHSA vs RRSP vs TFSA"
Compare the three accounts side-by-side for first-time home buyers. Enter a contribution amount and investment period. See how FHSA wins with tax-deductible contributions AND tax-free withdrawals, versus RRSP (taxed on withdrawal unless HBP) and TFSA (no deduction but tax-free growth).
The Formulas
Tax refund = Contribution x Combined marginal rate
Combined marginal rate = Federal rate + Provincial rate
FHSA contribution limits:
Annual limit: $8,000
Carryforward: up to $8,000 from prior year
Max in one year: $16,000 (with full carryforward)
Lifetime limit: $40,000
Growth projection:
Balance(year N) = (Balance(year N-1) + Annual contribution) x (1 + Return rate)
FHSA + HBP combo:
Total tax-advantaged = FHSA balance (max $40K) + HBP withdrawal (max $60K)
HBP repayment = Withdrawal amount / 15 years
2025 federal tax brackets:
$0 - $57,375: 14.5%
$57,375 - $114,750: 20.5%
$114,750 - $158,468: 26%
$158,468 - $220,000: 29%
$220,000+: 33%
All figures based on CRA rates for the 2025 tax year. Provincial rates vary -- select your province in the calculator for accurate combined rates. FHSA contributions reduce your taxable income dollar-for-dollar, just like RRSP contributions.
Example
Sarah -- Graphic Designer in Toronto, Income $80,000
Sarah opens her FHSA in 2025 and contributes the full $8,000. She plans to buy her first home in 5 years. She invests in a balanced ETF portfolio expecting 6% annual returns.
Sarah's $8,000 contribution reduces her taxable income to $72,000, generating a $2,372 tax refund. Over 5 years, she contributes the $40,000 lifetime max, saves nearly $12,000 in taxes, and withdraws the full balance tax-free for her home purchase. If she also uses HBP, she can access up to $100,000 in tax-advantaged funds.
FHSA Key Facts 2025
| Item | Detail |
|---|---|
| Annual contribution limit | $8,000 |
| Lifetime contribution limit | $40,000 |
| Carryforward (max per year) | $8,000 unused room |
| Maximum in single year | $16,000 (with carryforward) |
| Tax treatment -- contributions | Tax-deductible (like RRSP) |
| Tax treatment -- growth | Tax-free (like TFSA) |
| Tax treatment -- qualifying withdrawal | Tax-free (like TFSA) |
| HBP (Home Buyers' Plan) limit | $60,000 from RRSP |
| FHSA + HBP combined | $100,000 tax-advantaged |
| Eligibility | Canadian resident, 18+, first-time buyer |
| Account lifetime | 15 years or age 71, whichever first |
| Eligible investments | Cash, GICs, stocks, bonds, mutual funds, ETFs |
| If not used for home | Transfer to RRSP (no room impact) or withdraw as taxable |