FHSA calculator — tax-deductible in, tax-free out.

The First Home Savings Account combines the best parts of an RRSP and a TFSA: contributions are deductible against income, growth is tax-sheltered, and qualifying withdrawals for a first home come out tax-free. Up to $8,000 a year, $40,000 lifetime.

Your plan

CAD · 2024 rules

Your income & tax

Annual income

Province drives MTR

Marginal tax rate auto · 29.65%

Contributions $8k/yr · $40k lifetime cap

Annual contribution

C$ /yr

Years saving

yrs

Opening deposit

Expected return

// available for your first home

You’ll have C$— after — years.

C$— tax-free withdrawal

Total contributed

C$—

your own money

Investment growth

+C$—

tax-sheltered

Tax refund earned

+C$—

deductions × MTR

FHSA vs TFSA vs non-registered — years · — % return · MTR —

FHSAdeduct + tax-free withdrawal

C$—

TFSAno deduction, tax-free

C$—

Non-registeredgrowth taxed at MTR

C$—

Annual contributions — × C$—C$—

Opening depositC$—

Total invested capped at C$40,000 lifetimeC$—

Investment growth tax-sheltered · —% return+C$—

FHSA account valueC$—

Total tax refunds deductions × MTR (—)+C$—

Effective home-purchase power withdrawal + refunds savedC$—

// note Estimate only. Comparison assumes refunds are reinvested into the FHSA/TFSA/taxable account at the same rate. Non-registered comparison taxes investment growth annually at the MTR (simplified). You may combine FHSA withdrawal with the RRSP Home Buyers’ Plan (up to C$60,000 from RRSP). Eligibility: 18–71, Canadian resident, haven’t owned a home you lived in this year or the prior 4 calendar years.