$8,000 + carry-forward up to $16k.

First-time buyer rule?

No home ownership in prior 4 calendar years.

15-year limit, or transfer to RRSP.

Yes \u2014 use both for max purchase down payment.

CA 2028 FHSA

CA 2028 FHSA: $8,000/year + $40,000 lifetime cap. Unused carry-forward up to $16,000 next year. Tax-deductible like RRSP + tax-free withdrawal for first home like TFSA.

2028 contribution (CAD)

Carry-forward from 2027 ($)

Marginal tax bracket %

2028 Tax Saved

—

Contributed

—

2028 + carry-forward max	—
Your contribution	—
Allowed (after cap)	—
Tax savings at your bracket	—

Canada First Home Savings Account (FHSA): $8,000 annual contribution, $40,000 lifetime cap. Unused room carries forward up to $8,000 = max $16,000 in any year (after at least 1 year carry-forward). Contribution tax-deductible like RRSP. Withdrawal for qualifying first home purchase tax-free like TFSA. Best of both worlds.

Triple Tax Benefit

FHSA combines RRSP + TFSA features: (1) contribution tax-deductible, (2) growth tax-free, (3) withdrawal tax-free for first home. RRSP HBP requires repayment, FHSA does not. TFSA doesn't get deduction. FHSA wins for first-time buyers.

Account Open 15 Years Max

Open before 71st birthday, must close within 15 years OR by year you turn 71 (earlier). If not used for home, transfer to RRSP (no impact on RRSP room) or withdraw taxable as income. Cannot keep indefinitely like TFSA.

First-Time Buyer Definition

Cannot have owned a home in 4 prior calendar years where you principally resided. Can include after-Dec-31 home if entering binding agreement before Oct 1 the year you opened the FHSA. Spouse home ownership counts against you if you lived there.

Last updated May 2026. Sources: CRA FHSA.