Tools & Resources

FHSA Savings Planner

The First Home Savings Account is the best deal in Canadian tax law for first-time buyers. Plan your contributions, see the tax savings, and find out when you can buy.

Your Homebuying Plan

$
%
Minimum is 5% (CMHC insured) for homes under $500K, 10% for $500K–$999K. 20% avoids CMHC insurance entirely.
years
$
Enter 0 if you haven't opened your account yet.
%
For a 5-year horizon, 4–6% is reasonable (mix of bonds/equities). Use lower rates for conservative portfolios.
$
Used to estimate the value of your FHSA tax deduction.

Your FHSA Plan

Down payment target $0
FHSA maximum (lifetime $40,000) $0
Additional savings needed (TFSA/savings) $0
FHSA annual contribution needed $0
Monthly FHSA contribution $0
Estimated FHSA balance at purchase $0
Growth earned (tax-free) $0
Estimated tax refund from FHSA contributions $0

Year-by-Year FHSA Balance

Year Annual Contribution Cumulative Contributed Balance (with growth) Tax Refund Earned

FHSA Rules (2024)

Annual limit
$8,000 per year
Lifetime limit
$40,000 total
Carry-forward
Up to $8,000 of unused annual room carries forward once. So if you contribute nothing in year 1, you can contribute $16,000 in year 2.
Tax treatment
Contributions are tax-deductible (like RRSP). Growth is tax-free. Qualifying withdrawals for your first home are tax-free. It's the best of both accounts.
Eligibility
Must be a first-time homebuyer, Canadian resident, age 18+. You and your spouse can each open an FHSA.
Combine with HBP
You can also use the Home Buyers' Plan (up to $60,000 RRSP withdrawal) alongside your FHSA. Combined max: $100,000 per person.

Open the account now

FHSA room only accumulates from the year the account is opened. If you plan to buy in 5 years and haven't opened your FHSA yet — open it today, even with $1. You're leaving room on the table every year it's not open.

CMHC Insurance Thresholds

Less than 20% down: CMHC insurance required (0.6–4.0% of mortgage, added to mortgage principal). 20%+ down: no CMHC. On a $600K home, CMHC at 10% down adds about $19,200 to your mortgage — a significant ongoing cost worth planning around.