FHSA Contribution Room

Find out how much you can contribute to your First Home Savings Account.

FHSA Contribution Room Calculator

Calculate your available FHSA participation room based on when you opened your account and your contribution history. This calculator assumes standard contributions with no over-contributions or taxable withdrawals.

$0$8,000
$

Includes $8,000 carryforward from prior year

$0$16,000
$

Includes $8,000 carryforward from prior year

$0$16,000
$

Includes $8,000 carryforward from prior year

$0$16,000
$

Results

Remaining room in 2026

$16,000

Projected room in 2027

$16,000

Assumes $8,000 annual limit

Lifetime contributions

$0

of $40,000 lifetime limit

Remaining lifetime limit

$40,000

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.