First Home Savings Account (FHSA) Guide
The FHSA combines an RRSP-style deduction with TFSA-style tax-free withdrawals for a first home: up to $8,000 a year and $40,000 in total.
Calculator
Results update as you type · Nothing you enter leaves your browser
Projected FHSA balance
$43,747
$40,000 contributed + $3,747 growth
Contributions are tax-deductible
$40,000
Lifetime limit reached
| Year | Room available | Contribution | Balance |
|---|---|---|---|
| 1 | $8,000 | $8,000 | $8,240 |
| 2 | $8,000 | $8,000 | $16,727 |
| 3 | $8,000 | $8,000 | $25,469 |
| 4 | $8,000 | $8,000 | $34,473 |
| 5 | $8,000 | $8,000 | $43,747 |
Assumes you open the FHSA in year 1 and contribute at the start of each year. Your actual room is shown in your CRA account.
Who can open one
- A resident of Canada
- At least 18 (19 where that's the age to sign contracts)
- No older than 71 at December 31 of the year you open it
- A first-time home buyer under the CRA's definition
Contribution room
You get $8,000 of room in the year you open your first FHSA. Unused room carries forward, up to $8,000, so the most you can add in one year is $8,000 plus carryforward. The CRA shows your room in your online account.
Using it with other programs
You can make a qualifying FHSA withdrawal and use the Home Buyers' Plan (up to $60,000) for the same home. Both can go toward your down payment: You need at least 5% of the first $500,000, plus 10% of any part of the price above $500,000. At $1,500,000 or more, the minimum is 20%.
How long an FHSA stays open
An FHSA can stay open for up to 15 years, until the end of the year you turn 71, or until the year after your first qualifying withdrawal, whichever comes first. Unused savings can be moved to an RRSP or RRIF without using RRSP room.
Making a qualifying withdrawal
To withdraw tax-free, you need a written agreement to buy or build a qualifying home in Canada before October 1 of the following year, and you must intend to live there as your principal residence within a year of buying it.
Frequently asked questions
Is an FHSA better than a TFSA for a down payment?
For a first home, usually yes: FHSA contributions are tax-deductible like an RRSP, and qualifying withdrawals are tax-free like a TFSA. Many buyers use both.
Sources
Rules are summarized in our own words from official publications. Check the source and talk to your lender or a licensed professional before making a decision.
Informational only, not financial advice. Data as of the release snapshot generated 2026-11-12.
