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FHSA Contribution Room Calculator 2026
Find out exactly how much you can contribute to your First Home Savings Account including carry-forward room from previous years.
Calculate Your FHSA Room
Enter the year you opened your FHSA and your contribution history to see your available room.
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Your FHSA Snapshot
Lifetime progress toward $40,000 limit
0%
| Year | New Room | Carry‑Forward | Total Available | Status |
|---|
ⓘ Max carry-forward per year is $8,000. Room does not accumulate before the year your FHSA was opened.
FHSA Rules at a Glance
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Annual Limit (2026)
$8,000
New room added each calendar year
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Lifetime Limit
$40,000
Maximum you can ever contribute
⏩
Max Carry-Forward
$8,000
Unused room from prior year, max per year
⏳
Account Lifespan
15 years
Or until age 71, whichever comes first
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Qualifying Withdrawal
Tax-free
Must not have owned a principal residence in past 4 years
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If You Don’t Buy
Transfer out
Transfer to RRSP or RRIF tax-deferred
How Carry-Forward Works (With Examples)
The FHSA carry-forward rule lets you roll unused room from one year into the next but only up to $8,000 per year, and subject to the $40,000 lifetime cap.
Important: Room does not accumulate before the year you open your FHSA. If you opened in 2025, you don’t get retroactive room back to 2023.
- Opened in 2023, contributed $5,000: You carry forward $3,000 unused room. In 2024 your total available room is $11,000 ($8,000 new + $3,000 carried forward).
- Opened in 2023, contributed $0: You can only carry $8,000 forward to 2024 — that year’s room you missed in 2023 is not added to 2025. Max carry-forward is $8,000 per year.
- Opened in 2026: Your total available room in 2026 is $8,000. No retroactive room from 2023–2025 since your FHSA didn’t exist then.
Source: Canada Revenue Agency — First Home Savings Account
Frequently Asked Questions
Can both spouses use the FHSA for the same home purchase?
Yes — if both partners qualify as first-time home buyers, each can open their own FHSA and make qualifying withdrawals toward the same home. This effectively doubles the potential tax-free contribution to up to $80,000 between the two accounts.
Can I also use the RRSP Home Buyers’ Plan (HBP)?
Yes. You can use both the FHSA and the RRSP Home Buyers’ Plan for the same qualifying home purchase. The HBP allows you to withdraw up to $60,000 from your RRSP (funds must be repaid within 15 years), while FHSA withdrawals do not need to be repaid.
What if I never buy a home?
If you haven’t made a qualifying withdrawal after 15 years (or turn 71), you must transfer the FHSA to an RRSP or RRIF on a tax-deferred basis, or withdraw the funds as taxable income. The transfer to RRSP does not use your RRSP contribution room.
Are FHSA contributions tax-deductible?
Yes — eligible FHSA contributions are tax-deductible, similar to RRSP contributions. You can also carry forward unused deductions to a future tax year, giving you flexibility on when to claim the deduction for maximum tax savings.
What happens if I over-contribute?
Over-contributions are subject to a 1% per month penalty tax on the excess amount, the same penalty structure as TFSA over-contributions. Always verify your room on CRA My Account before contributing.
Does owning a rental property disqualify me?
No. Owning a rental property you’ve never lived in as your principal residence does not disqualify you from opening or contributing to an FHSA. The disqualifying factor is living in a home you owned as your primary residence at any point in the current calendar year or the previous four calendar years.
Disclaimer: This calculator is for informational purposes only. Results are estimates based on CRA rules as of 2026. Contribution room is calculated by CRA based on your personal tax filing history — always verify your exact available room through CRA My Account or your Notice of Assessment. This tool does not constitute financial or tax advice. Consult a qualified CPA or financial advisor for guidance specific to your situation.
