Calculators · First-home saving
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FHSA Calculator
Saving for your first home? See, after tax, how much you'd have for a down payment at your target year under an FHSA, a TFSA, an RRSP (via the Home Buyers' Plan), and a regular taxable account — using your province's 2026 marginal rate. Start with the quick comparison, or switch to the full planner. Educational only — not advice.
Enter your numbers to see the comparison.
After-tax amount available for your down payment, by year
Year by year (after-tax value if you bought that year)
Educational, not advice. This is an illustration built from the numbers you entered and 2026 rules — not a recommendation or a tax return. The marginal rate is a best estimate that ignores credits and benefit clawbacks. One thing this quick view doesn't model: the RRSP/HBP amount is a loan you repay to your RRSP over 15 years, so a high RRSP result here comes with a future obligation — switch to Detailed to see it. Confirm anything important with a qualified professional and the CRA.
How this is calculated (assumptions)
- Same money in each account. Every option deploys the same yearly budget. The FHSA and RRSP also generate a tax refund (contribution × your marginal rate); with "reinvest the refund" on, that refund goes into a taxable side account so the comparison is apples-to-apples.
- FHSA. Contributions are deductible; qualifying first-home withdrawals are fully tax-free. Limits built in: $8,000/year (up to $16,000 with carry-forward), $40,000 lifetime. Contribute more than your room and the CRA charges 1% per month on the excess — this tool routes the extra to a taxable account rather than applying the penalty, and flags it above when it happens.
- RRSP (Home Buyers' Plan). Withdrawal is tax-free only up to the $60,000 HBP cap — and that must be repaid to your RRSP over 15 years. Any balance above the cap stays in your RRSP for retirement, so it isn't counted toward the down payment.
- TFSA. No deduction, but growth and withdrawals are tax-free.
- Taxable account. No deduction or shelter; growth is treated as capital gains taxed once when you sell (50% inclusion × marginal rate). Annual dividend/interest drag is not modelled, which slightly flatters this option.
- One marginal rate is applied across the whole horizon, and contributions beyond an account's room spill into the taxable side account. TFSA and RRSP also carry their own overcontribution penalties; since you enter your own room for those, this tool won't flag them — double-check your room with the CRA. Rates and limits are 2026; see each province's combined-rate source on TaxTips.ca / CRA.
Enter your numbers to see the comparison.
After-tax amount available for your down payment, by year
Year by year (after-tax value if you bought that year)
Plans change? FHSA money isn't trapped. If you don't end up buying, FHSA savings roll into your RRSP tax-free, without using any RRSP contribution room — so there's little downside to opening one early. A TFSA stays fully flexible too; only the RRSP/HBP route locks you into the 15-year repayment.
How the accounts compare
| FHSA | TFSA | RRSP / HBP | Taxable | |
|---|---|---|---|---|
| Deduction on contributions | Yes | No | Yes | No |
| Tax-free for a first home | Yes | Yes | Up to $60k (HBP) | Gains taxed |
| Must be repaid | No | No | Yes — $60k over 15 yrs | No |
| If you don't buy | Rolls to RRSP tax-free (no room used) | Keep it — fully flexible | Stays for retirement (HBP not used) | Keep it |
| Contribution limit | $8k/yr · $40k lifetime | ~$7k/yr + carry-forward | 18% of earned income | None |
Educational, not advice. This is an illustration built from the numbers you entered and 2026 rules — not a recommendation or a tax return. Marginal rates are best estimates that ignore credits and benefit clawbacks. Confirm anything important with a qualified professional and the CRA.
How this is calculated (assumptions)
- Same money in each option. Every scenario deploys the same yearly budget. The FHSA and RRSP also generate a refund (contribution × your marginal rate); with "reinvest the refund" on, it goes into a taxable side account so the comparison is apples-to-apples.
- Highest-dollar mix. Each year the budget is filled in order: FHSA first ($8k/yr, $40k lifetime), then the RRSP — but only up to what the $60,000 HBP can later withdraw tax-free, judged on the projected balance so growth doesn't strand money in the RRSP — then TFSA, then taxable. It's the combination with the most after-tax dollars, which isn't automatically the right one for you.
- HBP repayment is shown, not hidden. The HBP withdrawal (up to $60k) is tax-free, so the down-payment figure stays accurate — but it's a loan repaid to your RRSP at 1/15 per year for 15 years (starting the 2nd year after you buy). Miss a year and that share is added to your income. We surface that obligation separately instead of subtracting it.
- RRSP above the cap stays put. Any RRSP balance over $60k can't come out tax-free for a home, so we leave it in the RRSP for retirement rather than counting a full-tax withdrawal as down-payment money ("left in RRSP").
- FHSA room and overcontributions. The FHSA limit is $8,000/year (up to $16,000 with carry-forward) and $40,000 lifetime. If the contribution you enter exceeds your room, the CRA charges 1% per month on the excess — this tool routes the extra to a taxable account rather than applying the penalty, and warns you above. TFSA and RRSP have overcontribution penalties too, but since you enter your own room for those, the tool won't flag them.
- Two tax rates, valued properly. Your current rate values the deduction — across tax brackets, not at a flat top rate, so a big deduction isn't over-credited. If you expect a pay raise, we grow your income by that rate to set your purchase-year tax rate, which values any taxable gains.
- Taxable account. Growth is treated as capital gains taxed once when you sell (50% inclusion × rate). Annual dividend/interest drag isn't modelled, which slightly flatters it.
- Returns are uncertain. Every figure assumes one fixed annual return; markets vary. The range shown under the headline re-runs the leading option two points lower and higher to show how sensitive the result is.
- Goal tracking. Required down payment = home price × down-payment %, in today's dollars (it doesn't grow the price for future appreciation). Under 20% triggers a CMHC mortgage-insurance reminder. Rates and limits are 2026; combined provincial rates come from TaxTips.ca / CRA.
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