FHSA Calculator for Quebec (2026)
Project your FHSA: contributions up to $8,000 a year and $40,000 lifetime, growth, and combined federal-Quebec tax savings based on your income.
Your savings plan
Maximum $8,000 a year, $40,000 lifetime
Used to estimate the value of the deduction
No more than 15 years
You can also withdraw up to $60,000 from your RRSPs under the HBP for the same purchase.
Balance available for the purchase
$45,064
- Total contributions
- $40,000
- Tax-free growth
- $5,063.80
- Tax savings (federal + Quebec)
- $14,447.00
- Net effort (contributions − savings)
- $25,553.00
Year-by-year projection
| Year | Contribution | Tax saving | Year-end balance |
|---|---|---|---|
| 1 | $8,000.00 | $2,889.40 | $8,320.00 |
| 2 | $8,000.00 | $2,889.40 | $16,972.80 |
| 3 | $8,000.00 | $2,889.40 | $25,971.71 |
| 4 | $8,000.00 | $2,889.40 | $35,330.58 |
| 5 | $8,000.00 | $2,889.40 | $45,063.80 |
This calculator provides an estimate for information only; it is not financial or tax advice. Read the disclaimer
How to use the calculator
Four inputs are enough to see the balance available for your down payment and the tax saved.
- Enter the planned annual contribution (maximum $8,000 a year).
- Enter your taxable income: it sets the value of the deduction federally and in Quebec.
- Choose how many years until you plan to buy (no more than 15 years after opening the account).
- Enter an expected annual return, then read the balance, contributions, growth and tax savings year by year.
Our Approach
Each contribution is made at the start of the year and grows at the return entered until year end. The contribution is capped at $8,000 a year and $40,000 in total, over no more than 15 years. The annual tax saving is the difference in combined tax (federal after the 16.5% abatement + Quebec, 2026 brackets, basic personal amounts) between your income with and without the contribution. Parameters verified on October 9, 2026.
Formulas Used
Contribution for the year = min(planned contribution, $8,000, $40,000 − cumulative contributions)Year-end balance = (balance + contribution) × (1 + return)Tax saving = tax(income) − tax(income − contribution)Net effort = total contributions − tax savingsData Sources & References
- verifiedCRA – Contributing to your FHSA - $8,000 annual limit, $40,000 lifetime limit, $8,000 carryforward, participation period
- verifiedRevenu Québec – Line 215, deduction for an FHSA - deduction of contributions on the Quebec return (French)
- verifiedCRA – Home Buyers’ Plan - maximum RRSP withdrawal of $60,000
Estimate for information only. Your exact contribution room is shown in CRA My Account; a non-qualifying withdrawal is taxable.
The FHSA explained simply
The First Home Savings Account (FHSA) is arguably the best savings tool for a down payment. It combines the two big advantages of the RRSP and the TFSA: contributions are deductible, and the withdrawal to buy a first home is not taxable.
Who can open an FHSA?
You must be a resident of Canada, at least 18 years old (and no older than 71) and a first-time home buyer: you must not have lived, as your principal residence, in a home owned by you or your spouse or common-law partner during the current year or the previous four calendar years. Each spouse can open their own account, which doubles the possible savings for a couple.
Contribution room only starts accumulating when you open your first FHSA. Even if you cannot contribute right away, opening an account early lets you carry $8,000 of room forward to the next year.
The limits to know
According to the Canada Revenue Agency, the annual limit is $8,000 and the lifetime limit is $40,000. Unused room can be carried forward, but only up to $8,000, so the maximum in a single year is $16,000. The calculator assumes a constant contribution with no carryforward.
The account can stay open for no more than 15 years after you open your first FHSA, until the end of the year you turn 71, or until the end of the year after your first qualifying withdrawal, whichever comes first. At $8,000 a year, the lifetime limit is reached in five years.
The deduction: how much tax do you save?
Each contribution is deductible from income, on line 20805 of the federal return and on line 215 of the Quebec return. The value of the deduction depends on your tax rate. With an income of $70,000, an $8,000 contribution cuts combined tax by about $2,889 in 2026 (36.12%). With $50,000 of income, the saving is about $2,055.
You do not have to deduct the contribution in the year you make it. If your income is low today and will rise soon, carrying the deduction forward to a year when your rate is higher may be worth it. The calculator assumes the deduction is claimed in the year of the contribution, at the income entered.
Example: $8,000 a year for five years at a 4% return gives about $45,064 at purchase time. With an income of $70,000, you will also have saved about $14,447 in tax, so the net effort is only about $25,553.
FHSA, HBP and TFSA: combining them
The FHSA can be combined with the Home Buyers’ Plan (HBP), which lets you withdraw up to $60,000 from your RRSPs for a first home. Unlike the HBP, the FHSA does not have to be repaid. A person can therefore use both for the same home.
If you end up not buying a home, the balance can be transferred to an RRSP or RRIF without immediate tax and without using your RRSP contribution room. It will be taxed later, on withdrawal, like any RRSP. A non-qualifying withdrawal is taxable. Once you have found the home, our mortgage affordability and welcome tax calculators help you finalize your budget.