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🏡 FHSA Accelerator
Canada's best-kept secret for first-home buyers. See how fast you can max it out.
The FHSA contribution limit for 2026 is $8,000 per year, with a $40,000 lifetime maximum. Unused room carries forward one year, so the most you can contribute in a single year is $16,000. Contributions are tax-deductible like an RRSP, and qualifying first-home withdrawals are completely tax-free like a TFSA.
You have 15 years from opening the account (or until age 71) to use it. Combined with the $60,000 RRSP Home Buyers' Plan, you can put up to $100,000 per person in tax-advantaged savings toward the same first home — double that for a couple buying together — and unlike the HBP, FHSA withdrawals never have to be repaid.
Last updated 2026-08-23 · Limits verified against Canada Revenue Agency — Contributing to your FHSA ($8,000 annual / $40,000 lifetime, unchanged for 2026)
The FHSA is a registered account introduced in 2023 that combines RRSP-like tax deductions with TFSA-like tax-free withdrawals — specifically for buying your first home. You get a tax deduction when you contribute, your investments grow tax-free, and withdrawals for a home purchase are tax-free.
You can contribute up to $8,000 per year with a lifetime maximum of $40,000. Unused room carries forward (up to $8,000 — so max $16,000 in a catch-up year).
You have 15 years from opening to use the account.
You must be a Canadian resident aged 18-71, and you must not have owned a home in the current year or the previous 4 calendar years. You also can't have lived in a home owned by your spouse/partner during that period.
Yes! You can use both the FHSA (up to $40,000) and the HBP ($60,000 from your RRSP) for the same home purchase — that's up to $100,000 in tax-advantaged savings.
The HBP must be repaid over 15 years; FHSA withdrawals never need to be repaid.
If you don't use the FHSA within 15 years (or by age 71), you can transfer the balance to your RRSP/RRIF tax-free (doesn't use RRSP room) or withdraw it as taxable income. The tax deductions aren't clawed back if you transfer to RRSP.
Like an RRSP, contributions are tax-deductible. At a 30% marginal rate, an $8,000 contribution gives you a $2,400 tax refund.
If you reinvest the refund, your effective cost of saving is much lower.
