Tax-Free First Home Savings Account Estimators
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Tax-Free First Home Savings Account Estimators
You can use these estimators to help you understand how a tax-free first home savings account (FHSA) can help you save for your first home. The first tool estimates how much you can save for your down payment, and the second tool shows your potential tax savings.
Learn about the FHSA before using these tools.
These tools provide estimates based on the information you entered. They are intended for illustrative and general information purposes. They may not fully capture your particular tax situation, which may affect the accuracy of the results. The results generated are examples only.
Your data is not collected or saved. If you leave or refresh the page, you will need to enter your information again.
- Read the privacy statement for the estimator tools
The CRA is not collecting or retaining any of the information you enter on this page. The estimators' results are rough estimates and are based on the information that you entered. The results should not be considered financial advice. The results that are obtained after using these interactive tools are not binding on the CRA.
Down payment estimator
Estimate how much you can save for your down payment by participating in a tax-free first home savings account (FHSA).
Potential tax savings estimator
Estimate how much tax you could save with a tax-free first home savings account (FHSA).
What is the difference between transfers versus contributions in your FHSA?
Transfers refer to amounts directly transferred to your FHSA from your RRSP. Transfers, unlike contributions, are not tax-deductible.
Together, transfers and contributions cannot exceed your available FHSA participation room.
What is your expected annual rate of return on your investments?
This is the investment income you expect to earn on the amounts you contribute or transfer to your FHSA. For example, if your expected annual rate of return on investments was 5%, you would earn $50 of investment income on $1,000 contributed or transferred to your FHSA.
Eligible deductions
Eligible deductions are tax deductible amounts, for example, child care expenses, RRSP deductions and other employment expenses.
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- Date modified:
- 2023-12-21