This FHSA calculator helps calculate your contributions allowed in the FHSA as well as tax deductions from using this account as an investment tool.
FHSA contribution limit calculator
This calculator helps you determine your FHSA contribution room. It is important to know how much you are able to contribute to your FSHA to take full advantage of the tax savings this investment account offers. If you make over contributions to this account you will be subject to penalties which will reduce your investment.
The annual contribution limit for the FHSA is $8,000 up to a lifetime limit of $40,000. Here are the contribution limits for the previous years since the inception of the First-Home Savings Account.
| Year | FHSA Contribution Limit |
|---|---|
| 2023 | $8,000 |
| 2024 | $8,000 |
| 2025 | $8,000 |
If you do not contribute in a year that you have a FHSA open you are able to carry forward unused contribution room up to a maximum of $16,000.
FHSA tax deduction calculator
One of the advantages to investing in a FHSA is the tax deduction that is available when contributions are made to the FSHA. Since contributions to a FHSA reduce your taxable income, if you are in a higher income tax bracket, your tax deductions will be much higher. These tax savings will help you more effectively save as a first-time homebuyer looking to purchase a home in Canada.
FHSA investment growth
A FHSA allows contributions to grow tax free which will help you see your investments grow faster without tax eating away at your investment growth. You can see the total impact the tax savings of a FHSA has on your investment growth.
Other tax free savings accounts
If you have maxed out contributions in your FHSA there are other accounts that you can use to help you reach your goal of homeownership. Another tax advantages investment account is the Tax-Free Savings Account (TFSA) which can help you reach financial goals such as purchasing a home as a first-time homebuyer.
FHSA contribution deadline
The FHSA contribution deadline for 2025 is December 31, 2025. It is important to make sure you have contributed by the deadline to help maximize tax advantages associated with contributing to the FHSA.