FHSA Calculator

How does this tool project the FHSA balance?

This tool uses a year-by-year loop. Each year it adds your contribution at the start of the year, then grows the whole balance by your expected return. The contribution is limited to $8,000 a year and to whatever is left of a $40,000 lifetime limit, with your current balance treated as room already used. The number of years is limited to 15.

How is the tax saving calculated?

The tool multiplies the contributions it actually adds by a marginal rate built from the 2026 federal brackets (lowest rate 14%) plus the 2026 provincial brackets for Ontario, BC, Alberta, Quebec, Saskatchewan and Manitoba, using your annual income as taxable income. It is one flat rate for all years, so it ignores bracket changes as your income moves or as your contribution lowers your taxable income, and it ignores credits other than the Ontario basic personal amount used for the Ontario surtax. Check your own marginal rate with CRA or an adviser.

What happens if I contribute more than $8,000 or more than the lifetime limit?

An annual figure above $8,000 is cut to $8,000. Once the remaining room reaches zero, further years add nothing. With a $10,000 starting balance and 10 years of $8,000, only $30,000 of new money goes in, the balance ends at $40,000 at a 0% return, and the tax saving is calculated on $30,000, not $80,000.

Does the tool model carry-forward of unused room?

No. It treats every year as a straight contribution of the amount you enter. It does not model unused room carrying forward into a later year, a larger one-off contribution or the exact date you opened the account.

What does the tool leave out?

It does not check whether you qualify as a first-time buyer, whether a withdrawal will count as qualifying, or what happens if you do not buy a home. It does not model combining the FHSA with the RRSP Home Buyers’ Plan, a deduction being carried to a later year, or reinvesting the tax refund. Rules for the account change with federal budgets and the tool is not updated automatically, so CRA governs the details.

What do cleared and zero values do?

A cleared number box counts as 0, the same as typing 0: a contribution of 0 adds nothing, and an income of 0 is priced at the lowest federal and provincial bracket rates rather than as no tax saving. A 0% return is respected and gives a balance equal to contributions. A figure of 0 years returns just your current balance.

Is the marginal rate table current?

It is labelled 2026: the federal and provincial brackets are the 2026 figures built into this tool, such as 20.5% federal plus 12.5% Saskatchewan, or 12.75% Manitoba, at $90,000. Budgets change brackets and the tool does not update itself, so treat it as indicative. For a precise figure, use your own marginal rate from your tax return or an adviser.