What this assumes

Each row covers a full calendar year, starting with the year you entered. Enter your balance and contribution room as of January 1, before that year's contributions. Contribution room means the amount you can still contribute. Do not combine today's balance with a full year of future contributions. Future contribution limits and tax rates are assumptions, not confirmed future rules.

This example assumes an existing eligible FHSA. Standard participation room is $8,000 a year, with up to $8,000 of unused room carried forward and a $40,000 lifetime limit on contributions and RRSP transfers. Deposits stop when room is used up; investment growth is not capped at $40,000.

New deposits in this calculator are cash contributions that qualify for a tax deduction. Transfers from an RRSP use FHSA room but do not create a new tax deduction. Earlier contributions not yet deducted are excluded from estimated tax savings.

This example assumes no earlier qualifying or taxable withdrawals, excess contributions or designated corrections. Special re-participation room is not supported. The plan must end within the account's closure deadline based on its 15th anniversary or the year you turn 71. Tax-free home withdrawals have separate eligibility rules; this calculator does not include a withdrawal or home purchase.

Estimated tax savings are the difference in federal and provincial income tax before and after eligible deductions, using your employment income and province. These deductions do not reduce Canada Pension Plan (CPP) or Employment Insurance (EI) deductions. Tax savings are not a guaranteed refund and are not added to the projected account balance or reinvested.

This example includes employment income only. It excludes other income, other deductions, many personal and family tax credits, and complex tax returns. It assumes the same income and province each year and uses 2026 tax rules throughout. It is not a forecast of future tax savings. Québec is not supported.

The calculator claims new cash contributions as tax deductions each year, up to that year's estimated taxable income. Any amount left over is carried into later years. This is a calculation assumption, not a recommendation about when to claim deductions. Contributions made before the starting year but not yet deducted are excluded from estimated tax savings.

This example assumes you meet the account's eligibility and residency requirements; it does not confirm that you qualify. Check your eligibility, contribution room and account records before contributing. Your account balance does not tell you how much you can still contribute.

The calculator uses fixed yearly investment returns after fees. This is an example, not a forecast. Actual returns vary; losses, especially early in retirement, can greatly change the result. Amounts are in Canadian dollars and rounded for display.

Sources

• CRA: FHSA participation room — https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html
• CRA: FHSA closure deadlines — https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/closing-your-fhsa.html
• CRA: FHSA contribution deductions — https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/tax-deductions-fhsa-contributions.html
• CRA: 2026 tax brackets — https://www.canada.ca/en/revenue-agency/services/tax/individuals/tax-rates-brackets/current-year.html
• CRA: 2026 provincial tax formulas — https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/t4127-payroll-deductions-formulas/t4127-jul/t4127-jul-payroll-deductions-formulas.html

These estimates are for learning and planning, not investment, insurance or tax advice. All amounts are in Canadian dollars. Results are rounded and are not guaranteed.