This First Home Savings Account (FHSA) calculator helps you determine how much money you will have in your FHSA based on your contributions and potential investment returns. You can also calculate how much the FHSA will save you based on your expected income tax deductions. For those who have contributed to your FHSA and are wondering how much contribution room you have left this calculator can help with that.
Here are the results for your FHSA.
What is 2025 contribution limit for the FHSA?
The FHSA 2025 contribution limit is $8,000. This is the same contribution limit since the inception of the FHSA in 2023.
FHSA contribution limit by year
If you were eligible for the FHSA in 2023 when it opened you could have a lifetime total contribution limit of $24,000. The contribution limit for the FHSA can only carry forward $8,000 of unused contribution room each year. This unused contribution room in addition to the FHSA annual limit would mean that the maximum you could contribute in a year without incurring penalties is $16,000.
Here is a breakdown of the FHSA contribution limits by year since the inception of the FHSA in 2023.
| Period | FHSA annual limit |
|---|---|
| 2025 | $8,000 |
| 2024 | $8,000 |
| 2023 | $8,000 |
The FHSA allows you to contribute up to $8,000 per year with a liftime limit of $40,000 in contributions. This means that if you contribute the max amount to your FHSA, you will reach the lifetime limit in 5 years of having the account open.
What are the benefits of having a first home savings account (FHSA)
The FHSA allows you to save for a home faster through tax-deductible contributions combined with tax-free growth. This account is similar to a RRSP in that it allows you to make tax-deductible contributions while also similar to a TFSA in that is allows these contributions to grow tax-free and be withdrawn tax-free so long as the funds are used to purchase a qualifying home.