FHSA Savings Calculator

See how fast you can save for your first home using the FHSA and how much you'll save in taxes.

Your Savings Plan

Max $667/month to reach $8,000/year limit

5 years

To max FHSA

$12,000

Tax Savings

Your FHSA Summary

FHSA Lifetime Limit$40,000
Your Goal (capped)$40,000
Monthly Contribution$667
Annual Contribution$8,000
Tax Deduction Value$12,000

About the FHSA

The First Home Savings Account lets you save up to $40,000 for your first home with a double tax advantage: tax deduction when you contribute AND tax-free withdrawal for your home purchase.

  • Annual Limit: $8,000
  • Lifetime Limit: $40,000
  • Carryforward: Up to $8,000 unused room

Related Calculators

TFSA Calculator

Calculate your total TFSA contribution room

Down Payment Calculator

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Mortgage Affordability

See how much mortgage you can afford

Disclaimer: This calculator is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Results are estimates based on simplified assumptions and may not reflect your actual situation. Tax laws, contribution limits, and regulations change frequently. Always consult a qualified financial advisor or tax professional before making financial decisions. See our Terms of Service for full details.