FHSA · 2026

You can still contribute

$16,000

of your $40,000 lifetime limit

Assumes standard contributions with no over-contributions or taxable withdrawals.

$0
$0$8,000
$
$0

Includes $8,000 carryforward from prior year

$0$16,000
$
$0

Includes $8,000 carryforward from prior year

$0$16,000
$
$0

Includes $8,000 carryforward from prior year

$0$16,000
$
$0

Include growth — gains and qualifying withdrawals are tax-free.

$0$100,000
$
$0
$0$0
$

Unlike a TFSA, FHSA withdrawals do not restore contribution room. A qualifying withdrawal to buy a home closes the account, and growth never creates new room — so these figures are informational only and don't change your remaining room above.

Understanding your FHSA

What is an FHSA?

The First Home Savings Account (FHSA) is a registered plan introduced in 2023 that helps Canadians save for their first home. It combines the best features of an RRSP and a TFSA.

Contributions are tax-deductible (like an RRSP), investment growth is tax-free, and qualifying withdrawals to purchase your first home are also tax-free (like a TFSA).

How Participation Room Works

You get $8,000 of FHSA participation room each year, starting the year you open your first FHSA.

Unused room carries forward to the next year, but the maximum carryforward is $8,000. This means the most you can contribute in any single year is $16,000.

Your lifetime contribution limit is $40,000.

Eligibility

To open an FHSA, you must:

  • Be a Canadian resident
  • Be at least 18 years old (or the age of majority in your province)
  • Be a first-time home buyer, you and your spouse or common-law partner must not have owned a qualifying home in the current year or the previous 4 calendar years

The FHSA has been available since April 1, 2023.

Key Rules to Remember

  • RRSP transfers to your FHSA count toward your participation room for the year.
  • Unlike a TFSA, withdrawals do not restore your contribution room.
  • You can hold multiple FHSAs, but your participation room applies across all of them.
  • The account must be closed by December 31 of the year you turn 71, or 15 years after opening, whichever comes first.
  • Unused FHSA savings can be transferred to your RRSP or RRIF tax-free.
  • Investment income earned inside your FHSA does not affect your participation room.