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FHSA: how much could you put in before you buy?

An is an account for buying your first home: your deposits lower your tax, and the withdrawal for the purchase isn’t taxed. Room ($8,000 a year, $40,000 in total) only starts when you open it. See what waiting would change.

Your situation

Do you already have an FHSA?

ExampleThese figures are an example. Replace them with yours.

First home?

This year (before opening) and in the previous 4 calendar years, you didn’t live in a home owned by you or your current spouse.

You’ll open the account
You plan to buy
You could put in, per year

The result

Choose your province

Tax and rules differ from one province to the next. Choose yours to see the answer: nothing is guessed from your language.

Estimate based on 2026 rules and your answers. Not personalized advice.

How it works

The FHSA combines the best of the and the for buying a first home: deposits are from your income, and the withdrawal to buy is not taxed, growth included.

Room starts the year you open your first account: $8,000 that year, then $8,000 every year. Unused carries forward to the next year, up to $8,000. In total, you can’t deposit more than $40,000 in your lifetime.

So waiting doesn’t lower that limit. Each year without an account is simply $8,000 of room that doesn’t exist yet. If you buy soon, you’ll be short when you buy; if the purchase is far off, you’ll still reach $40,000, just later.

A deposit counts for the calendar year it’s made in: there is no 60-day window as with the RRSP. The deduction, however, can wait. You can claim it in a year when your income, and so your , is higher.

To open an account you must live in Canada, be 18 to 71 on December 31, and be a first-time buyer: this year (before opening) and in the previous 4 calendar years, you must not have lived in a home owned by you or your current spouse.

The account must be closed by the end of the 15th year after opening, the year you turn 71, or the year after your first qualifying withdrawal. If you don’t buy, the money can move to your RRSP tax-free without using RRSP room.

Common questions

Can I use the FHSA and the Home Buyers’ Plan for the same home?

Yes. You can make a qualifying FHSA withdrawal and withdraw up to $60,000 from your RRSP under the Home Buyers’ Plan (HBP) for the same home, as long as you meet each program’s conditions at the time of each withdrawal. The difference: the HBP must be repaid to your RRSP, usually over 15 years; the FHSA never.

Can my spouse have their own FHSA?

Yes, if they are also a first-time buyer. Each person has their own room, so a couple can set aside up to $80,000 for the same home, on top of each person’s HBP.

Do I have to deduct my deposits in the year I make them?

No. Undeducted deposits carry forward with no time limit, even after the account is closed. Deducting in a higher-income year could save you more.

What if I never buy?

You can transfer the money to your RRSP or RRIF tax-free, without reducing your RRSP room. A cash withdrawal is taxable. Either way, you kept the deduction on the way in.