FHSA Down Payment Timeline Planner
"See exactly when you can afford your first home."
Home Purchase Goal
Select a city or enter a custom price:
The price of your target home
First-time buyers qualify for the FHSA, RRSP Home Buyers' Plan, and the $1,500 First-Time Home Buyers' Tax Credit. Homes under $1.5M require CMHC mortgage insurance when your down payment is less than 20%.
When Do You Want to Buy?
Month you plan to purchase
Year you plan to purchase
Current FHSA Status
Total amount you've contributed (not including investment growth)
How long have you had your FHSA open?
Automatically calculated based on your contributions and years since opening
Monthly Savings Plan
How much can you set aside monthly for your down payment?
Annual contribution: $8,004
Exceeds available room ($8,000) by $4
Tax Information
Used to estimate your FHSA tax refund
Affects your marginal tax rate
Your FHSA contributions are tax-deductible. Reinvesting refunds can accelerate your savings.
Expected Investment Returns
Historical stock market returns ~7%, bonds ~3-4%. Use conservative estimate for short timelines.
Spouse / Partner FHSA (Optional)
Each person can hold up to $40,000 lifetime in their own FHSA. Both accounts count toward your combined down payment.
Other Down Payment Sources (Optional)
Include only funds you'll use for down payment, not your emergency fund.
Amount from TFSA you'll use for down payment
Up to $60,000 per person ($120,000 for two first-time buyers)
Any other savings for your down payment
(Actually reachable by Oct 2030)
Down Payment Timeline
What is an FHSA and how does it work?
The First Home Savings Account (FHSA) is a registered account that helps Canadians save for their first home. Contributions are tax-deductible (like an RRSP), growth is tax-free, and withdrawals for a qualifying home purchase are tax-free. You can contribute up to $8,000 per year with a lifetime limit of $40,000.
Can I contribute more than $8,000 per year to my FHSA?
The annual FHSA contribution limit is $8,000. However, if you don't use your full annual limit, you can carry forward up to $8,000 of unused room to the following year. This means in some years you could contribute up to $16,000 ($8,000 current + $8,000 carry-forward).
Can I combine my FHSA with the RRSP Home Buyers' Plan?
Yes! You can use both your FHSA and the RRSP Home Buyers' Plan (HBP) for your down payment. The HBP allows you to withdraw up to $60,000 from your RRSP (though this must be repaid over 15 years). Combined with FHSA, this provides significant tax-advantaged savings for first-time home buyers.
What happens to my FHSA if I don't buy a home?
Your FHSA can remain open for up to 15 years or until you turn 71, whichever comes first. If you don't use it for a home purchase, you can transfer the funds to your RRSP or RRIF without affecting your contribution room, or withdraw the funds (which will be taxed as income).
How is the down payment requirement calculated?
In Canada, the minimum down payment depends on the home price: 5% for homes up to $500,000, 5% on the first $500,000 plus 10% on the portion between $500,000 and $999,999, and 20% minimum for homes $1,000,000 and above. With less than 20% down, you'll need CMHC mortgage insurance.
When should I open an FHSA?
You should open an FHSA as soon as you're eligible (18+ and a Canadian resident) if you think you might buy a home in the next 15 years. Even if you can't contribute immediately, opening the account starts the clock on your 15-year window and begins accumulating contribution room.
The FHSA is the only Canadian account where contributions are tax-deductible, growth is tax-free, and withdrawals for a first home are also tax-free. All three at once. This calculator helps you visualize your path to homeownership by projecting your savings growth over time.
FHSA Contribution Rules
- Annual contribution limit: $8,000 per year
- Lifetime contribution limit: $40,000 total
- Unused annual room carries forward (max $8,000 carry-forward)
- Account remains open for 15 years or until age 71
- Contributions must be made by December 31 (no 60-day grace period like RRSP)
Canadian Down Payment Requirements
- Under $500,000: Minimum 5% down payment
- $500,000–$999,999: 5% on first $500K + 10% on the remainder
- $1,000,000+: Minimum 20% down payment required
With less than 20% down, you'll need CMHC mortgage default insurance, which adds to your overall costs. This calculator factors in these requirements and helps you understand when you might qualify for different down payment levels.
Maximizing Your Tax Benefits
Your FHSA contributions are tax-deductible, meaning they reduce your taxable income for the year. The tax refund you receive can be reinvested into your FHSA (if you have contribution room) or into other savings. This calculator estimates your tax refund based on your income bracket and province, showing how reinvesting these refunds can accelerate your savings timeline.
Combining FHSA with Other Programs
To maximize your down payment, you can combine your FHSA with the RRSP Home Buyers' Plan ($60,000 limit per person) and TFSA savings. If you're buying with a partner, you can each have your own FHSA, potentially doubling your tax-advantaged savings to $80,000 plus investment growth.