FHSA First Home Savings 2027
CA FHSA: $8 000 annual / $40 000 lifetime. Tax-deductible going in, tax-free withdrawal for first home. Combines RRSP + TFSA benefits.
| Annual contribution | — |
| Years saving | — |
| Total contributed | — |
| Future FHSA value | — |
| Tax-free growth | — |
| Income tax rebate | — |
| Total tax benefit | — |
The First Home Savings Account (FHSA) launched April 2023 — combines the best of RRSP (tax-deductible contributions) and TFSA (tax-free withdrawals). Contribute up to $8 000/year ($40 000 lifetime) for your first home purchase.
FHSA vs RRSP HBP
Both eligible for first home. FHSA: tax deduction PLUS tax-free withdrawal, no repayment needed. RRSP HBP: tax deduction only when contributing, $60 000 withdrawal, must repay within 15 years. FHSA generally better — combine if both maxed.
Eligibility
Canadian resident, age 18+. Must be first-time home buyer — never owned home or lived in spouse's owned home in last 4 years. Open multiple FHSAs but combined limits apply. Account closes after 15 years if not used.
Contribution Rules
Limit $8 000 per year, $40 000 lifetime. Unused room carries forward up to $8 000 — so if you skip a year, you can contribute $16 000 next year. Cannot have over $8 000 ahead.
Last updated May 2026. Sources: Canada.ca FHSA.