Calculate the maximum combined tax-free down payment available from your First Home Savings Account and RRSP Home Buyers' Plan — and estimate your federal tax refund from FHSA contributions.
You can contribute $8,000 per year to your FHSA, up to a lifetime maximum of $40,000. If you don't contribute the full $8,000 in a given year, you can carry forward the unused room — but only one year's worth at a time. If you opened your account in 2023, you can contribute up to $16,000 in 2024 (2023 unused room + 2024 room). Contributions are tax-deductible, and qualifying withdrawals are tax-free.
Yes. Since 2023, first-time home buyers can withdraw from both their FHSA (up to $40,000 tax-free) and their RRSP under the Home Buyers' Plan (up to $35,000, repayable over 15 years). Used together, a first-time buyer could access up to $75,000 completely tax-free toward a down payment. Couples can double this to $150,000 combined.
No. Unlike the RRSP HBP (which must be repaid over 15 years or included in income), FHSA withdrawals for a first home purchase are never repaid. Once you close your FHSA after purchasing, the account is simply closed and any remaining balance can be transferred to an RRSP or RRIF tax-free.
This calculator uses approximate combined federal and provincial marginal rates for the income bracket entered. These are estimates only. Ontario and BC rates apply approximately 53.5% on income above $246,752. Alberta is lower at around 48% at top bracket. The refund estimate uses a simplified rate for illustrative purposes — consult a tax professional for precise figures.