How much FHSA room do you have this year?
Tell us when you opened your First Home Savings Account and what you've put in. You'll see your 2026 room, what carries forward, and how much is left of the lifetime limit.
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How FHSA room adds up
You get $8,000 of room each year, starting the year you open the account, up to $40,000 in total.
Unused room carries forward, but only up to $8,000. Skip a year and next year's room is $16,000. Skip two years and it's still $16,000, because anything past $8,000 doesn't carry. The lifetime limit stays at $40,000 either way, so skipped years mostly cost you time.
| Year | Room | Contributed | Carries forward |
|---|---|---|---|
| 2023 | $8,000 | $0 | $8,000 |
| 2024 | $16,000 | $10,000 | $6,000 |
| 2025 | $14,000 | $14,000 | $0 |
| 2026 | $8,000 | $8,000 | $0 |
Why the FHSA is worth a look
It combines the two best parts of the accounts you already know. Contributions are deductible like an RRSP, and a qualifying withdrawal to buy your first home is tax-free like a TFSA. Nothing has to be paid back.
- You can open it early. Room only starts the year you open the account, so opening one now starts the clock even if you can't fund it yet.
- The deduction can wait. You can contribute this year and claim the deduction in a later, higher-income year.
- It has an exit. If you don't buy, you can transfer the balance to an RRSP or RRIF without using RRSP room. The account can stay open for up to 15 years, or until the end of the year you turn 71.
Still deciding between the FHSA and your other accounts? The TFSA vs RRSP calculator covers the rest of your saving.
From room to a monthly number
Maxing out an FHSA takes $8,000 a year, which is about $667 a month or $308 every two weeks. That's a real line in most budgets, and it's easier to hold when it's assigned the day you're paid rather than found at the end of the month.
The savings per paycheque calculator works out the per-payday amount for any goal and date.
Questions
How much can I put in an FHSA?
$8,000 a year, up to $40,000 in total. If you don't use a year's room, up to $8,000 carries into the next year, so the most you can contribute in a single year is $16,000.
When does FHSA room start?
In the year you open your first FHSA. Room does not build up before that, which is why opening an account early, even with nothing in it, can be worth doing if you think you might buy a home in the next few years.
Who can open an FHSA?
You need to be a Canadian resident, at least 18 (or the age of majority in your province), and a first-time home buyer. For the FHSA, that means you haven't lived in a home that you or your spouse or common-law partner owned at any time in the current year or the previous four calendar years.
What happens if I contribute too much?
The excess is taxed at 1% a month until you withdraw it or new room covers it. If you think you went over, you can usually fix it by removing the excess as a designated withdrawal. CRA My Account shows your room.
Do RRSP transfers count against my FHSA room?
Yes. Moving money from an RRSP into an FHSA uses FHSA room the same way a contribution does, although it does not give you a new deduction. Include any transfers in the amounts you enter above.
Can I use the FHSA and the Home Buyers’ Plan together?
Yes. You can make a qualifying FHSA withdrawal and an RRSP Home Buyers' Plan withdrawal for the same home, which is how many couples stretch a down payment.
Give the down payment its own envelope.
A home is a long goal, and long goals get funded a paycheque at a time. In CalmDollar, your FHSA is a savings goal with a monthly target and a pace line, so you can see whether you're on track without doing the math again. Free to start.
