How to use this calculator
The results update as you type.
- Planned contribution each year: what you plan to put in. If it’s more than your room, the calculator caps it and warns you.
- Years until you buy: how long you’ll save, up to 15 years.
- Expected yearly return: what you expect your investments to earn. Use a lower figure for savings accounts or GICs and a higher one for a long-term investment portfolio.
- Current FHSA balance and contributions so far: if you already have an FHSA. Contributions so far count towards the $40,000 lifetime limit.
- Unused room carried forward: room left over from last year, up to $8,000. You can find it in your CRA My Account.
- Province or territory and your income: used to work out the tax your contributions save. If you know your marginal tax rate, you can enter that instead.
Example: $8,000 a year for 5 years
Say you live in Ontario, earn $80,000 a year and put $8,000 into your FHSA at the start of each year for 5 years, earning 5% a year.
| Result | |
|---|---|
| Total contributions | $40,000 |
| Investment growth | $6,415.30 |
| Projected balance | $46,415.30 |
| Total tax refunds | $11,860 |
Five years of $8,000 reaches the $40,000 lifetime limit exactly. Each $8,000 contribution cuts your tax by $2,372, because at $80,000 in Ontario your next dollar of income is taxed at 20.5% federally and 9.15% provincially, 29.65% in total.
The same plan gives different refunds elsewhere:
| Province and income | Refund per $8,000 |
|---|---|
| British Columbia, $60,000 | $1,832.01 |
| Ontario, $80,000 | $2,372.00 |
| Alberta, $120,000 | $2,602.52 |
| Quebec, $80,000 | $2,889.40 |
If you can only manage $4,000 a year, you’d reach the same $40,000 in 10 years, and the extra years of growth would take the balance to $52,827.15 at 5%. Saving for longer earns more growth, but the 15-year limit and your home-buying plans decide how long you can wait.
How it’s calculated
Participation room each year = $8,000 + unused room carried forward (up to $8,000). Contributions stop once your total reaches $40,000.
Balance: each year’s contribution goes in at the start of the year, then the whole balance grows by your expected return:
Balance at year end = (balance at start + contribution) × (1 + return)
Tax refund = tax on your income − tax on your income minus the contribution. The calculator uses the 2026 federal and provincial tax brackets, basic personal amounts (including the federal and Manitoba phase-outs), the Ontario surtax and the 16.5% Quebec abatement. If you enter a marginal rate instead, the refund is contribution × that rate.
It assumes your income stays the same each year and that you deduct each contribution in the year you make it. It doesn’t include other tax credits, the Ontario Health Premium or inflation.
Tips for getting the most from your FHSA
- Open an FHSA as soon as you’re eligible. Room only starts building once you open one, even if you can’t contribute much yet.
- Use your carry-forward. If you miss a year, up to $8,000 of room carries into the next, so you can catch up.
- Match your investments to your timeline. If you plan to buy within a year or two, a volatile portfolio could fall just when you need the money.
- Think about when to claim the deduction. The refund is worth more in a year when your income, and so your tax rate, is higher. Check the CRA’s rules before you decide.
- Have a backup plan. If you don’t buy a home, the balance can generally move to your RRSP or RRIF without immediate tax.
Frequently asked questions
How much can I contribute to an FHSA?
Up to $8,000 of participation room in the year you open your first FHSA, and $8,000 a year after that, with a lifetime limit of $40,000. Up to $8,000 of unused room can be carried forward to a later year.
Does unused FHSA room carry forward before I open an account?
No. Room only starts to build once you open your first FHSA. In the year you open it, your carry-forward is $0, so opening an account early, even with a small deposit, starts the clock.
Are FHSA contributions tax-deductible?
Contributions are generally deductible, so they can reduce your income tax, much like RRSP contributions. Transfers from an RRSP into an FHSA are not deductible.
How long can an FHSA stay open?
Your participation period ends on December 31 of the earliest of the 15th anniversary of opening your first FHSA, the year you turn 71, or the year after your first qualifying withdrawal.
What happens if I don't buy a home?
You can generally transfer the money directly to your RRSP or RRIF without paying tax at that point. If you withdraw it instead, it's added to your taxable income.
Why is my refund higher in some provinces?
Your refund depends on your combined federal and provincial tax rate at your income. At $80,000, an $8,000 contribution saves about $2,372 in Ontario but about $2,889 in Quebec, where provincial rates are higher.