The First Home Savings Account is a registered Canadian account introduced in April 2023. Contributions are tax-deductible (like an RRSP), and qualifying first-home withdrawals are tax-free (like a TFSA). Annual room is $8,000, lifetime cap $40,000.

Canadian residents age 18 (or age of majority in your province) to 71 who have not lived in a home owned by themselves or a spouse/common-law partner during the current calendar year or any of the four preceding years.

How does carry-forward work?

Unused FHSA room carries forward, but only up to $8,000 at a time. If you contributed $0 in year 1, you have $8,000 (year 1) + $8,000 (year 2) = $16,000 of room in year 2. The carry-forward only starts accumulating after you open your first FHSA account.

What if I never buy a home?

After 15 years, or by age 71, the FHSA must be closed. You can transfer the full balance (tax-free) to your RRSP or RRIF without using up RRSP room. Alternatively, withdraw it as taxable income.

Can I combine FHSA with the RRSP Home Buyers' Plan?

Yes. Since 2023 you can use both the FHSA and the HBP for the same home purchase, dramatically increasing your tax-advantaged down payment. Maximum combined: $40K (FHSA) + $60K (HBP, raised in 2024) = $100,000 for an individual.

FHSA Contribution Room (First Home Savings Account)

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Free FHSA (First Home Savings Account) room calculator. Track your annual room ($8,000), lifetime cap ($40,000), and carry-forward (max $8,000 of unused room). Open to first-time home buyers age 18-71. Combines RRSP-style tax deduction with TFSA-style tax-free growth — uniquely powerful for Canadians saving for a first home.

FHSA opened (year)

Current year

Total contributions to date (CAD)

FHSA · Annual $8,000 · Lifetime $40,000 · Carry-forward max $8,000

Verify exact room in CRA My Account · 15-year max, or transfer to RRSP/RRIF tax-free.

Available room this year

$16,000

$8,000 annual + $8,000 carry-forward

Years since opened3

Total room earned$24,000

Used to date−$0

Lifetime remaining$40,000

Disclaimer: For informational purposes only. This is not financial, tax, or legal advice — consult a licensed professional before making decisions.

Frequently Asked Questions

References

First Home Savings Account — Canada Revenue Agency

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References and sources

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