Your first home starts with a savings plan.

Compare FHSA and TFSA savings, see how much to save each month, and understand optional RRSP Home Buyers’ Plan repayments. Plan on your own or with a second buyer.

Canadian first-home savings calculator · Rules checked Q4, 2026 · All amounts in CAD

Enable JavaScript to calculate an estimate in your browser. Displayed result placeholders are not calculated estimates. The guidance, methods and related calculators remain available below.

1. Your purchase goal

Start with a home price and date. Adjust account details below when you know your room.

Home price today ($)Use the full purchase price before any down payment.Desired down payment (%)The calculator automatically enforces the Canadian minimum. Who is buying? Province or territoryFederal account rules apply nationwide. Closing costs depend on your location. Savings snapshot monthBalances are at the start of this month. Target purchase monthPurchase at the start of this month, after the previous month’s deposit.

2. Savings for each buyer

Each person has their own contribution limits. Example values are editable.

Buyer 1

Monthly savings ($)Your own new savings, before any tax refund. Other accessible savings ($)Cash or non-registered savings reserved for this purchase. Current TFSA balance for this home ($)Only the amount you intend to use for the purchase.

FHSA eligibility and savings

Can you use an FHSA for this purchase?Confirm opening and qualifying-withdrawal eligibility separately with CRA. “No” excludes FHSA funds. Current FHSA balance ($)Includes investment growth. Separate from contributions below. Remaining FHSA room this year ($)Actual remaining room across all FHSAs after this year’s contributions and RRSP transfers. New account: $8,000. FHSA lifetime contributions + transfers ($)Total used so far, including this year. Do not include investment growth. Effective tax saving on FHSA deduction (%)Example assumption, not calculated from your province. Lower this if deductions cross tax brackets or tax payable is limited. Last FHSA participation yearEarlier of opening year + 15 or year you turn 71; other closure rules can apply.

TFSA room and optional RRSP withdrawal

Remaining TFSA contribution room ($)Use your own records and CRA information. Account balance is not contribution room. Eligible RRSP amount to use under HBP ($)Optional. Enter only existing funds you confirm qualify, up to $60,000 per buyer. Held constant; no new RRSP savings modelled.

A positive HBP amount assumes you qualify, meet the RRSP holding-period rules and have no disqualifying outstanding HBP balance. Recent RRSP contributions generally need to remain for at least 90 days to retain their deduction. An RRSP-to-FHSA transfer earns no new deduction and is not modelled.

Buyer 2

FHSA eligibility and savings

TFSA room and optional RRSP withdrawal

3. Costs and assumptions

Total closing costs ($)Editable estimate. Include local charges; no automatic rebate deduction.Cash to keep after closing ($)An emergency reserve or moving-cost buffer you do not spend on the down payment.

Returns, future room and tax refunds

FHSA / TFSA annual return (%)Effective annual return after fees. Same assumption for both accounts.Other cash annual return, after tax (%)Net return on the cash savings outside registered accounts.Annual home-price change (%)Scenario assumption. Closing costs and cash buffer remain fixed dollar estimates.Assumed new TFSA room each future year ($)$7,000 is the 2026 annual limit. Future limits are unknown; edit this assumption. Applied each January.Use FHSA tax refunds for the home?Deposited to TFSA, then cash, at the end of April the following year.

Returns and future home prices are assumptions, not forecasts. Use a low or zero return for a near-term cash goal.

Accessible savings at your target date—

Cash needed—

Monthly savings needed—

Household total to meet your target date.

When could you have enough saved?

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First month meeting the cash goal at your entered savings pace, within 15 years. This is savings readiness; lender approval is separate.

Next: check mortgage payments and qualification →

Where your purchase money comes from

Compare where new savings go

FHSA first

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FHSA → TFSA → cash

TFSA first

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TFSA → cash

Same starting balances, monthly budget, HBP amount and return assumptions. Existing FHSA savings remain in both scenarios. Only new contributions change; refunds are extra savings if selected. TFSA overflow goes to cash at your entered after-tax return.

RRSP money has a repayment commitment

View 15-year HBP repayment illustration

Minimum repayment illustration, equal annual repayments
Tax year	Household repayment	Balance after

Each buyer’s minimum is calculated separately from their balance and remaining repayment years. Repayment is not deductible. Missing a required repayment generally adds that amount to taxable income. This illustration assumes full, on-time annual repayments and no early repayment.

Your savings timeline

FHSA-first strategy. Rows are snapshots at the start of each year and at purchase; deposits are at month-end. Contributions and refunds are cumulative since your starting snapshot.

Accessible savings, contributions and cash goal
Snapshot	New savings	New FHSA contributions	Refunds received	FHSA	TFSA	Cash	HBP	Total available	Cash needed

Canadian first-home savings rules

FHSA: New ordinary annual room is $8,000, unused carry-forward is capped at $8,000, and the ordinary lifetime contribution and transfer limit is $40,000 per person. Room starts when the first account is opened. Qualifying withdrawals, including growth, are tax-free. RRSP transfers use room without a new tax deduction.

Home Buyers’ Plan: Eligible buyers may withdraw up to $60,000 each from their RRSPs. FHSA and HBP can be used for the same qualifying purchase when their separate conditions are met. HBP is money withdrawn from retirement savings, not a grant.

Minimum down payment: 5% up to $500,000, plus 10% of the portion above $500,000 for homes below $1.5 million. At $1.5 million or above, the minimum is 20%. A lender may require more. A down payment under 20% generally requires mortgage insurance.

Closing costs: FCAC suggests preparing for roughly 1.5%–4% of purchase price. The example here is $15,000 on a $600,000 home; enter your own total including applicable land-transfer or registration charges, legal fees, adjustments, inspection and insurance-related taxes. Provincial and municipal rebates and new-home GST/HST are not automatically calculated.

How this calculator works

For each buyer, new monthly savings fill eligible FHSA room first, then available TFSA room, then other cash. January adds $8,000 of FHSA room plus up to $8,000 unused carry-forward, limited by remaining ordinary lifetime room. Current FHSA and down-payment rules are held constant throughout the projection. The future TFSA addition is an editable assumption, not a legislated future limit, and assumes continued Canadian residence and TFSA eligibility.

Annual effective returns are converted to monthly rates using (1 + annual rate)^(1/12) − 1. Existing balances grow before each month-end deposit. Cash uses a separate after-tax annual return. FHSA deduction savings equal new eligible cash contributions × the entered effective tax rate. Refunds arrive at the end of April in the following year, so a purchase at the start of April cannot use that month’s refund. Refunds are never counted twice.

The cash goal is the greater of the statutory minimum down payment or your chosen percentage of the projected home price, plus your fixed closing-cost estimate and buffer. The monthly savings solver keeps each buyer’s share of the household budget; if both shares are zero it divides equally. The readiness search checks monthly for 180 months and allows your home-price assumption to change the cash goal.

HBP amounts are existing eligible RRSP funds, held constant in the projection. New RRSP contributions, lost retirement growth, RRSP-to-FHSA transfers, past unclaimed deductions, prior-year refunds, benefit changes, excess contributions, special FHSA re-participation room and taxes on non-qualifying withdrawals are excluded. FHSA funds are excluded after the entered last participation year. New savings bypass the FHSA when the target purchase year is after that deadline. A readiness date is the first time the savings goal is met, not a guarantee it stays met.

Rules checked Q4, 2026. Automated reference scenarios cover limits, timing, refunds and the monthly solver. Independent editorial second-review sign-off is pending; see editorial policy and site methodology.

First-home savings questions

Can I use an FHSA and the Home Buyers’ Plan together?

Yes, if you satisfy the separate qualifying conditions for each program. This planner treats each buyer separately and only includes the RRSP amount you confirm is available for a qualifying HBP withdrawal.

How much can I contribute to an FHSA?

Ordinary FHSA room starts at $8,000 in the year you open your first account. Up to $8,000 of unused room can carry forward, and ordinary lifetime contributions and RRSP transfers are limited to $40,000. Investment growth does not use contribution room. Use your actual remaining room, not your account balance.

When do 2026 Home Buyers’ Plan repayments start?

A first HBP withdrawal in 2026 starts its 15-year repayment period in 2031. The fifth-year start applies to first withdrawals from 2022 through 2028 under current rules; outside that window this planner uses the ordinary second-year start. Repayments are not deductible. A required amount not repaid generally becomes taxable RRSP income.

Does the planner guarantee I can afford a mortgage?

No. It estimates accessible purchase savings, not lender approval. Income, debts, credit, property expenses, mortgage insurance and the stress test also matter. Use the mortgage calculator for the next step.

How are FHSA tax savings estimated?

New cash contributions are multiplied by your entered effective deduction tax rate. The planner assumes deduction in the contribution year and receipt at the end of April the next year. It excludes refunds arriving after the purchase date from purchase cash and shows them separately. It does not calculate a complete tax return.

What happens when my FHSA participation period ends?

The maximum period ends December 31 of the earliest applicable year: the 15th anniversary of opening, the year you turn 71, or the year after your first qualifying withdrawal. Enter the correct last participation year. This planner excludes the FHSA from accessible purchase funds after that year; it does not model taxable withdrawals or transfers to an RRSP.

Primary Canadian sources

Educational planning estimates. Your CRA records, issuer and lender determine actual contribution room, eligibility, withdrawals and financing. Compare retirement RRSP and TFSA savings or plan the cash reserve you keep after closing.

How to use this first home savings planner

Enter a purchase goal, savings timeline and each buyer’s actual account balances, available room and eligibility. Compare accessible savings with the down payment and entered closing costs, then review FHSA and HBP assumptions. Tax refunds arrive on the model’s schedule; returns, future prices and purchase readiness are estimates.

Amounts are in Canadian dollars. Read the calculation methods, sources and review status.