How FHSA room works
The FHSA lets a first-time buyer save for a home with a tax deduction on the way in and no tax on a qualifying withdrawal.
Yearly room
You get $8,000 of room in the year you open your first FHSA. After that, each year adds $8,000 plus what you left unused the year before, with at most $8,000 carried forward.
Lifetime limit
Contributions cannot go above $40,000 in total. The yearly limit applies to contributions and to transfers from an RRSP together, across all your FHSAs.
The deduction
A contribution is deductible in the year you make it or in a later year. You can carry unclaimed amounts forward without a time limit. A transfer from an RRSP is not deductible.
When it must close
The account must close by the end of the earliest of 15 years after you opened your first FHSA, the year you turn 71 or the year after your first qualifying withdrawal. You can then transfer the rest to an RRSP or RRIF tax-free, or withdraw it as taxable income.
Counting on unlimited carryforward. If you skip both 2026 and 2027, your room in 2028 is $16,000, not $24,000. Carryforward above $8,000 is lost.
Projection year by year
Based on the amounts you entered, with each contribution capped at that year’s room.
| Year | Contribution | Room | Balance at year end |
|---|---|---|---|
| 2026 | $8,000.00 | $11,000.00 | $13,728.00 |
| 2027 | $8,000.00 | $11,000.00 | $22,597.12 |
| 2028 | $8,000.00 | $11,000.00 | $31,821.00 |
| 2029 | $8,000.00 | $11,000.00 | $41,413.84 |
| 2030 | $3,000.00 | $3,000.00 | $46,190.39 |
Frequently asked questions
How much can I put in an FHSA in 2026?
Up to $8,000 plus any unused room carried forward from earlier years, to a maximum of $16,000 in a year, and never more than $40,000 in all. In the year you open your first FHSA, the room is $8,000.
Does room I did not use carry forward?
Yes, up to $8,000. The carryforward starts the year after you open your first FHSA. Room above $8,000 carried forward is lost.
Does growth inside the account use up room?
No. Only the contributions and RRSP transfers count against your room, not the income the account earns.
What happens if I put in too much?
The CRA charges a tax of 1% per month on the highest excess amount in the month.
Do I have to claim the deduction right away?
No. You may claim a contribution in the year you make it or in any later year, so you can claim it in a higher-income year.
Am I eligible to open an FHSA?
This calculator does not check that. The eligibility rules, such as residency, age and first-time buyer status, are on the CRA pages.
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How we check it
The tests check the room rules ($8,000 in the first year, the carryforward capped at $8,000, the $40,000 lifetime limit) against values worked out by hand from the CRA formulas, the closing dates against the CRA’s worked examples for the 15-year, age 71 and withdrawal rules, and the growth projection against a hand calculation.
We did not compare with the CRA’s My Account figures or another calculator. The tool does not model RRSP transfers, excess amounts or re-participation room, and it does not check eligibility. Your CRA notice of assessment is the authority on your room.