FHSA Tax Deduction Savings
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Projected FHSA Balance at Purchase
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Home Buyers' Plan RRSP Withdrawal
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Total First-Home Support
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FHSA + Home Buyers' Plan Calculator — Annual FHSA Contribution (C$) ₹40,000
With annual fhsa contribution (c$) of ₹40,000, the fhsa tax deduction savings is CAD13,200.
2025 annual limit $8,000, lifetime limit $40,000
Maximum 5 years (lifetime limit $40,000)
2025 HBP limit: $35,000 per person ($70,000 per couple)
FHSA Tax Deduction Savings
CAD13,200
Projected FHSA Balance at Purchase
CAD45,526
Home Buyers' Plan RRSP Withdrawal
CAD35,000
Total First-Home Support
CAD80,526
FHSA: annual limit $8,000, lifetime limit $40,000. Contributions are tax-deductible; withdrawals for qualifying first home purchase are tax-free. HBP: withdraw up to $35,000 from RRSP tax-free; must repay over 15 years. Both benefits can be combined.
What is the FHSA + Home Buyers' Plan Calculator?
Canada's First Home Savings Account (FHSA) is the newest first-time buyer tool: contributions are tax-deductible (like RRSP) and withdrawals for a qualifying home purchase are tax-free (like TFSA). The annual limit is $8,000 with a $40,000 lifetime cap. Combined with the RRSP Home Buyers' Plan ($35,000/person), a couple buying together can access up to $150,000 in tax-advantaged first-home savings.
Formula
FHSA Tax Saving = Total Contributions × Marginal Rate. FHSA Balance = Future value of monthly contributions. Total Support = FHSA Balance + HBP Amount.- FV_FHSA
- = Future value of FHSA contributions
- HBP
- = RRSP Home Buyers' Plan withdrawal
How to use the FHSA + Home Buyers' Plan Calculator
- 1
Step 1
Enter your planned annual FHSA contribution.
- 2
Step 2
Select how many years you will contribute.
- 3
Step 3
Enter your planned RRSP HBP withdrawal amount.
- 4
Step 4
Enter your marginal tax rate for the FHSA deduction benefit.
- 5
Step 5
View your tax savings, FHSA balance, and total first-home support.
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Frequently asked questions
What is the FHSA contribution limit for 2025?
The annual FHSA contribution limit is $8,000. The lifetime limit is $40,000. Unused annual room can be carried forward one year. The FHSA was launched in April 2023.
Can I use both FHSA and RRSP Home Buyers' Plan?
Yes. First-time buyers can use both the FHSA (up to $40,000 total) and the HBP (up to $35,000) in the same transaction. A couple can access up to $150,000 combined.
Do I have to repay FHSA withdrawals?
No. Unlike the HBP (which must be repaid over 15 years), FHSA withdrawals for a qualifying first home are completely tax-free with no repayment requirement.
Sources
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