Tax-Free First Home Savings Account Estimators

You can use these estimators to help you understand how a tax-free first home savings account (FHSA) can help you save for your first home. The first tool estimates how much you can save for your down payment, and the second tool shows your potential tax savings.

Learn about the FHSA before using these tools.

These tools provide estimates based on the information you entered. They are intended for illustrative and general information purposes. They may not fully capture your particular tax situation, which may affect the accuracy of the results. The results generated are examples only.

Your data is not collected or saved. If you leave or refresh the page, you will need to enter your information again.

Read the privacy statement for the estimator tools

The CRA is not collecting or retaining any of the information you enter on this page. The estimators' results are rough estimates and are based on the information that you entered. The results should not be considered financial advice. The results that are obtained after using these interactive tools are not binding on the CRA.

Down payment estimator

Estimate how much you can save for your down payment by participating in a tax-free first home savings account (FHSA).

FHSA participation in prior years

Did you open your FHSA in prior years? (required)

Yes — include prior year information
No — continue to planned participation

Planned FHSA participation

Number of years you plan to participate in your FHSA minimum: 1 year, maximum: 15 years

year(s)

Amount you plan to contribute and transfer annually to your FHSA ($250 increments) Minimum: $0, maximum: $8000 (dollars only, no cents)

$ .00

Expected annual rate of return from your investments (up to 2 decimal points) (required)

What is an annual rate of return from your investments?

Account holdings estimate

Based on the information you entered, the amount in your FHSA that you could put towards a down payment could possibly be:

$0 in total account holdings
including $0 in investment growth
after 0 years. By year 0, you will have reached your lifetime FHSA limit of $40,000.

These results may not fully capture your particular financial situation, which may affect their accuracy.

Potential tax savings estimator

Estimate how much tax you could save with a tax-free first home savings account (FHSA).

FHSA participation in prior years

Did you open your FHSA in prior years? (required)

Yes — include prior year information
No — continue to planned participation

Number of years your FHSA has been open (1 to 14 years max) (required)

If you opened your FHSA in 2023, enter "1" as the number of years

Your FHSA balance as of December 31, 2023 (dollars only, no cents) (required)

$ .00

Your total FHSA participation for prior years (dollars only, no cents) (required)

Include all amounts you have contributed and transferred

$ .00

Do you want an estimate of your tax savings for 2023? (required)

Yes — estimate 2023 tax savings
No — continue to planned participation

Total amount you contributed and transferred to your FHSA in 2023 (dollars only, no cents) (required)

The total amount must be less than or equal to the total FHSA participation you entered

$ .00

How much of the above amount was transferred from your RRSP to your FHSA in 2023? (dollars only, no cents) (required)

The transfer amount must be less than or equal to the total amount you entered

$ .00

FHSA investment income from 2023

For negative amounts enter 0 or leave blank

$ .00

Was your 2023 total income significantly different from what you expect it to be in 2024 and future years? (required)

Planned FHSA participation

Province or Territory of residence (required)

Approximate yearly total income (dollars only, no cents) (required)

$ .00

Expected deductions (e.g. RRSP contributions)

Include an estimate of your eligible deductions but do not include your FHSA contributions

$ .00

Number of years you plan to participate in your FHSA minimum: 1 year, maximum: 15 years

year(s)

Amount you plan to contribute and transfer annually to your FHSA ($250 increments) Minimum: $0, maximum: $8000 (dollars only, no cents)

$ .00

How much of the above will be transferred from an RRSP? ($250 increments) minimum: $0, maximum: $8000 (dollars only, no cents)

The transfer amount must be less than or equal to the total amount you entered above

What is the difference between transfers versus contributions in your FHSA?

$ .00

Would you like to include the expected rate of investment growth for your FHSA? (required)

Potential tax savings

Based on the information you entered, your potential tax-free first home savings account (FHSA) tax savings could be approximately:

in 2023
- $0 to $0 in federal tax
- $0 to $0 in provincial and territorial tax
after 0 years
- $0 to $0 in federal tax
- $0 to $0 in provincial and territorial tax

By year 0, you will have reached your lifetime FHSA limit of $40,000.

You have only entered amounts you plan to both contribute and transfer. You must also include either amounts you plan to contribute or an annual rate of return to get tax savings from your FHSA.

These results may not fully capture your particular tax situation, which may affect their accuracy. These results include tax savings from deductible FHSA contributions as well as the investments that would have otherwise been included in income. Investment income savings are based on taxing this income at your highest possible tax rate.

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Date modified:: 2023-12-21

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Tax-Free First Home Savings Account Estimators

Down payment estimator

Account holdings estimate

Potential tax savings estimator

Potential tax savings

in 2023

after 0 years

Did you find what you were looking for?