Pick the year you opened your FHSA and enter what you have contributed so far to see your room for 2025: the $8,000 annual amount, any carryforward from unused prior years, and how much of the $40,000 lifetime limit is left. Figures reviewed for the 2025 tax year.
Your FHSA
How it works. FHSA room starts only once the account exists — nothing accrues for the years before you opened it, unlike a TFSA. Each year the account is open adds $8,000 of room, and unused room carries forward to the next year, but only up to $8,000. So the most you can contribute in any one year is $8,000 plus $8,000 of carryforward, and $40,000 across the life of the account. The calculator applies all three limits to what you have already put in.
Room for 2025
$0
$8,000 annual amount plus $0 carried forward
Deductions work like an RRSP — contributions reduce your taxable income — and withdrawals for a qualifying first home come out tax-free like a TFSA. The account must be closed 15 years after you open it, so opening early starts both the room clock and the countdown.
An estimate is a starting point. Get your real number.
This calculator uses published rates. Your actual position depends on the credits, deductions and structure behind your numbers.
- A professional tax accountant reviews your figures, not a formula
- Fixed quote before any work starts
- You pay after you approve the filing
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How FHSA room works
The First Home Savings Account is built on three numbers: $8,000 of new room each year the account is open, a maximum of $8,000 of unused room carried into the next year, and a $40,000 lifetime ceiling. The catch most people miss is that the clock starts at opening — someone who opens in 2025 has $8,000 of room, not three years' worth, no matter how long they have been saving. That makes opening the account early worthwhile even with a token deposit, because each open year banks carryforward.
The tax treatment is the best of both registered worlds: contributions are deductible against your income like an RRSP, growth is untaxed, and a qualifying first-home withdrawal is completely tax-free like a TFSA. You can also pair an FHSA withdrawal with the RRSP Home Buyers' Plan on the same purchase. Whether the deduction is worth taking now or carrying forward to a higher-income year is the kind of question we cover in personal tax filing.
What this calculator does not cover
It assumes you were eligible to open the account (a first-time buyer resident in Canada) and does not model the 15-year account lifespan, transfers between an RRSP and an FHSA, or what happens to over-contributions. If a qualifying home never materialises, the balance can move to an RRSP or RRIF tax-deferred — it is not lost — but that changes the comparison with other accounts: run the RRSP vs TFSA calculator to see how the routes stack up.
| Item | Value |
|---|---|
| Annual limit | $8,000 |
| Lifetime limit | $40,000 |
| Max carryforward | $8,000 |
| Account lifespan | 15 years |
Rates reviewed for the 2025 tax year by Udit Gupta, Founder and Tax Accountant. Federal and provincial rates change annually, and this tool is an estimate for planning rather than tax advice. Confirm current figures before relying on them for a filing.
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Rates and method reviewed by Udit Gupta
Ex Big 4 — Ernst & Young, Deloitte · International & cross-border tax specialist · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA
Udit Gupta has over 15 years of experience helping corporations and business owners with corporate structuring, corporate tax filing, bookkeeping, payroll, GST/HST, cross-border tax and CRA representation. He is Big 4 trained, at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia. In 2014 he founded his accounting practice to serve entrepreneurs, startups and non-resident business owners across Canada. View full member bio.
The Institute of Chartered Accountants of India — member 521458 · Malaysian Institute of Accountants — member CA 44667 · Ex Big 4: Ernst & Young, Deloitte · CPA Canada (In-Depth Tax Program), completed 19 Dec 2023 · In-Depth GST/HST Part I, 12 Jul 2022 · Part II, 5 Jul 2023
Editorial policy. Every page is researched against primary sources — the Income Tax Act, CRA publications and CPA Canada guidance — and every rate or threshold is stated with the tax year it applies to.
Sources. CRA — Businesses · Income Tax Act (Justice Laws Website)