Canada · FHSA
Estimate your available First Home Savings Account contribution room, unused room carried forward and remaining lifetime limit. The calculator also accounts for contributions and transfers from an RRSP.
FHSA contribution limits
Your FHSA participation room starts when you open your first FHSA. In the first year, you generally receive CA$8,000 of participation room. The lifetime FHSA limit is CA$40,000, and up to CA$8,000 of unused participation room can generally be carried forward.
Your personal FHSA participation room can differ from the standard annual amount if you have unused room, previous contributions, RRSP transfers or an excess FHSA amount.
Complete the form to estimate your FHSA contribution room.
These are the main limits used when estimating your available FHSA participation room.
| FHSA rule | Limit |
|---|---|
| Participation room in the first year you open an FHSA | CA$ 8,000 |
| Maximum unused participation room generally carried forward | CA$ 8,000 |
| Lifetime FHSA limit | CA$ 40,000 |
| Potential tax on an excess FHSA amount | 1% per month |
FHSA limits and rules shown on this page are based on information published by the Canada Revenue Agency.
FHSA participation room begins only after you open your first FHSA. Your available room can include new annual participation room and eligible unused room carried forward, less contributions and applicable RRSP transfers.
New participation room begins at CA$8,000 in the year you open your first FHSA.
Up to CA$8,000 of unused FHSA participation room can generally be carried forward to a future year.
The lifetime FHSA limit is CA$40,000.
If you do not use all of your FHSA participation room, you may be able to carry unused room forward. The carry-forward amount is generally limited to CA$8,000.
Example: unused FHSA room
You open your first FHSA and receive CA$8,000 of participation room but contribute only CA$3,000.
You have CA$5,000 of unused room remaining, assuming no other transfers or adjustments apply.
That unused CA$5,000 may generally be carried forward and added to new participation room for the following year.
An FHSA combines features of registered savings accounts designed to help eligible first-time home buyers save for a qualifying home.
Eligible FHSA contributions are generally deductible and may reduce taxable income.
Investment income and gains can generally grow inside the FHSA without annual taxation while the funds remain in the account.
A qualifying withdrawal used to buy or build a qualifying first home can generally be made tax-free when the applicable conditions are met.
A direct transfer from your RRSP to your FHSA is possible, but it is treated differently from a regular FHSA contribution.
A direct RRSP-to-FHSA transfer uses your available FHSA participation room.
The transferred amount does not create a new FHSA tax deduction.
A transfer from an RRSP to an FHSA does not restore the RRSP deduction room that was previously used.
To make a qualifying FHSA withdrawal for a home purchase, CRA conditions must be satisfied. A withdrawal that does not qualify may instead be taxable.
The withdrawal must relate to buying or building a qualifying home and you must satisfy the applicable first-time home buyer requirements.
A qualifying withdrawal generally requires Form RC725 to be completed and provided to the FHSA issuer.
You must occupy or intend to occupy the qualifying home as your principal place of residence within the required period.
Contributions and transfers above your available FHSA participation room can create an excess FHSA amount. The CRA generally applies a monthly tax while the excess remains.
Potential excess FHSA tax
1% per month
Generally calculated on
The highest excess FHSA amount in the month
Your participation room is generally CA$8,000 in the first year you open an FHSA. The lifetime FHSA limit is CA$40,000. Your available room in a later year can differ because of unused room, contributions, transfers and other adjustments.
Yes. You may generally carry forward unused FHSA participation room, subject to a maximum carry-forward amount of CA$8,000.
Yes. A direct transfer from an RRSP to an FHSA reduces your available FHSA participation room. The transfer itself is not deductible as an FHSA contribution and does not restore RRSP deduction room.
Eligible FHSA contributions are generally deductible from income. However, certain amounts, including direct transfers from an RRSP, do not create an additional FHSA deduction.
Qualifying withdrawals used to buy or build a qualifying first home can generally be received tax-free when all CRA conditions are met. Other withdrawals may be taxable.
Your available FHSA participation room depends on when you opened your first FHSA, previous contributions, unused participation room, RRSP transfers and any excess amounts. Your official tax records should be used when confirming how much room is available.
This calculator provides an estimate for informational purposes only. Verify your FHSA participation room and eligibility using your Canada Revenue Agency records before making a contribution or transfer.
Official sources
The contribution room, transfer, withdrawal and excess contribution rules presented on this page are based on information published by the Canada Revenue Agency.
