FHSA Calculator
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FHSA vs RRSP Home Buyers' Plan
| Feature | FHSA | RRSP HBP |
|---|---|---|
| Maximum for home purchase | $40,000 | $35,000 |
| Tax deduction on contribution | ||
| Tax-free withdrawal | ||
| Must repay to account | No | Yes, over 15 years |
| Can combine with each other | Yes! Up to $75,000 total | |
What is the FHSA (First Home Savings Account)?
The First Home Savings Account (FHSA) is a registered account introduced in 2023 that combines the best features of an RRSP and TFSA for first-time home buyers. Contributions are tax-deductible like an RRSP, and withdrawals for a qualifying home purchase are tax-free like a TFSA.
FHSA Eligibility Requirements
- Must be a Canadian resident
- Must be at least 18 years old
- Must be a first-time home buyer (haven't owned a home in the past 4 years)
- Must have a valid Social Insurance Number (SIN)
How FHSA Contribution Room Works
- Annual limit: $8,000 per year
- Lifetime limit: $40,000 total
- Carry forward: Unused room carries forward up to $8,000 per year
- Maximum single year: $16,000 if you have carry-forward room
Combining FHSA with RRSP HBP
You can use both the FHSA and the RRSP Home Buyers' Plan together! This allows you to withdraw up to $75,000 tax-free for your first home ($40,000 from FHSA + $35,000 from RRSP HBP). The key difference is that FHSA withdrawals never need to be repaid, while RRSP HBP withdrawals must be repaid over 15 years.
Disclaimer: This calculator provides estimates for general guidance. FHSA rules can be complex and individual situations vary. Consult a qualified tax professional for advice specific to your situation.