2026 FHSA Calculator: First Home Savings Account Growth

Estimate how a First Home Savings Account could grow. Enter your current balance, annual contribution, expected return, years and marginal tax rate. The calculator caps contributions at $8,000 a year and stops them once $40,000 has gone in. The rules behind the numbers are in the FHSA guide, and every FHSA topic is listed in the FHSA guides directory.

How the calculator works

• Growth: each year’s contribution is spread evenly over 12 months and the balance compounds monthly at your expected return.
• Limits: contributions stop at $8,000 a year and at $40,000 in total, counting your starting balance toward the total. CRA’s lifetime limit counts contributions and transfers, not investment growth, so if your balance includes growth you may have more room left than the calculator assumes.
• Time limit: the projection stops at 15 years. Your FHSA's maximum participation period starts when you open your first FHSA and ends on December 31 of the year in which the earliest of these happens: the 15th anniversary of opening your first FHSA, you turn 71, or the year after your first qualifying withdrawal. Until then the balance can be transferred directly to your RRSP or RRIF without tax or withdrawn as taxable income; anything still in the account afterwards loses its FHSA status and its fair market value is included in your income for that year.
• Tax savings: new contributions multiplied by your marginal tax rate, the value of deducting them.
• Not modelled: the carry-forward of unused room (so a catch-up year above $8,000, up to $16,000, isn’t shown), deferring the deduction, and changes in your tax rate.

Worked example (the default inputs). Starting from $0 and contributing $8,000 a year for 5 years at 7%, the calculator shows about $47,729: $40,000 of contributions and about $7,729 of growth. At a 33% marginal rate the deductions are worth $13,200.

What the tax savings are worth

The deduction is worth about your marginal rate times the amount deducted, as long as the whole deduction falls within one tax bracket:

To find your marginal rate, use the marginal tax rate calculator. A contribution can be deducted for the year it is made or a later year. A contribution made in the first 60 days of a year can't be deducted for the year before, unlike an RRSP contribution. Claiming the deduction in a later, higher-income year can raise its value; see the first-60-days rule and deduction timing.

Reading the projection

• Room: the calculator assumes you have the room each year. Your FHSA participation room is $8,000 in the year you open your first FHSA and $8,000 more in each later year, plus unused room carried forward (capped at $8,000), within a $40,000 lifetime limit; contributions and transfers from your RRSPs share it, it covers all your FHSAs combined, investment income doesn't use it, an excess left at year end reduces the next year's room, and the part of a taxable withdrawal that didn't remove an excess comes back the following year as re-participation room. Your actual room depends on when you opened the account and what you contributed before; see FHSA contribution limit and FHSA carry-forward rules.
• Returns: a fixed return is a simplification. What to hold for a given timeline is on FHSA investment options.
• The withdrawal: the projected balance comes out tax-free only in a qualifying withdrawal. If you don’t buy: You can move FHSA savings into your own RRSP or RRIF with no immediate tax through a direct transfer between the institutions, up to the end of your maximum participation period; it doesn't use your RRSP deduction room or change your FHSA room, and the money is taxed only when it later comes out of the RRSP or RRIF. Withdrawing the cash and contributing it yourself is a taxable FHSA withdrawal plus a new RRSP contribution that uses RRSP room, and if you have an excess FHSA amount only your FHSA balance minus the excess moves tax-free. See what happens to your FHSA if you never buy.
• Adding the HBP: You can withdraw from your RRSPs under the Home Buyers' Plan and make a qualifying withdrawal from your FHSAs for the same qualifying home, as long as you meet all of the conditions of each at the time of each withdrawal; the qualifying FHSA withdrawal is never repaid and, unlike HBP participation, can't be cancelled once made. See FHSA vs the HBP, and using both.
• A couple: each partner has their own account and room, so run the calculator once per person; see the FHSA for couples.

Related calculators

• RRSP calculator
• TFSA calculator
• HBP calculator
• Mortgage affordability calculator
• Income to afford a home calculator
• Mortgage down payment calculator
• Land transfer tax calculator

Opening an account is covered on best FHSA accounts. Sign-up offers vary by promotion; confirm the current offer before opening.