Find your available First Home Savings Account contribution room and limit for 2026
Always verify your exact FHSA contribution room on My CRA Account before making contributions.
This free Canadian FHSA calculator shows how much room you have in your First Home Savings Account. Tell it the year you opened your FHSA and how much you have already contributed, and it works out the new room you received this year, any unused room carried forward, the most you can contribute this year, and your remaining lifetime room. It also flags an over-contribution and estimates the monthly penalty.
The FHSA has an $8,000 annual contribution limit and a $40,000 lifetime contribution limit. Contributions are tax-deductible like an RRSP, and qualifying withdrawals to buy your first home come out completely tax-free like a TFSA. You must be a Canadian resident, at least 18 (or the age of majority in your province), and a first-time home buyer to open one.
If you don't use your full $8,000 in a year, the unused amount carries forward, but the carryforward is capped at $8,000. That means the most you can contribute in a single year is $16,000 ($8,000 for the current year plus up to $8,000 carried forward). Importantly, FHSA room only starts accumulating after you open an account. Unlike the TFSA, you do not build up room for the years before you opened it.
The FHSA combines the best of both: contributions are tax-deductible like an RRSP, and qualifying withdrawals for a first home are tax-free like a TFSA. You can also combine an FHSA with the RRSP Home Buyers' Plan on the same purchase. If you don't end up buying a home, FHSA savings can be transferred to your RRSP or RRIF without using RRSP room. Consult a qualified financial advisor to decide what fits your situation.
If you contribute more than your available FHSA room, the CRA charges a penalty of 1% per month on the excess amount, for every month it stays in the account, until you withdraw it or new room becomes available the following year. This calculator flags an over-contribution and estimates the monthly penalty so you can fix it quickly.