FHSA Savings Calculator
Check your eligibility for a First Home Savings Account (FHSA)
It looks like you may qualify. Verify your eligibility.
It appears that you may not qualify. Verify your eligibility.
Calculate your FHSA savings
Tell us about how you save and we’ll help calculate your potential savings.
FHSA account information
Your results
You've contributed a total of towards your First Home Savings Account. From these contributions, you've earned a total return of . This means that, thanks to your savings efforts and the return on your investment, the total amount available in your account for purchasing your first home is now .
- Total contributions
- Total return
Your total contributions:
Your total return:
Assumptions
The purpose of this tool is show you how your contributions can grow in an FHSA to help buy your first home.
- The annual contribution limit ($8,000)
- Lifetime contribution limit ($40,000)
There are limits to how long you can contribute to a FHSA. According to Canada Revenue Agency: Your maximum participation period begins when you open your first FHSA and ends on December 31 of the year in which the earliest of the following events occur:
- * the 15th anniversary of opening your first FHSA
- * you turn 71 years of age
- * the year following your first qualifying withdrawal from your FHSA
For more information on rules and eligibility, please visit canada.ca
The calculator assumes contributions remain constant for each contribution period (yearly or monthly) and considers the $8,000 annual contribution limit up to the account lifetime limit of $40,000.
The default rate of 4% is based on the Bank of Canada benchmarks for 10-year yield bonds and fixed income equities. Your interest rate will depend on your financial institution and asset mix.
Any results or calculations displayed on this site are made available for information purposes only, and do not constitute financial or legal advice. By using this calculator, you agree to our Website and Social Media Terms of Use and Privacy Policy.