The First-Time Home Buyer Optimizer
FHSA or RRSP Home Buyers' Plan? Enter your income and savings plan to find out how to maximize your tax refunds and down payment.
Your Situation
Used to calculate your tax refund.
The total cash you plan to put away this year.
Only $8,000 of new room is added each year, but unused room carries forward — up to the $40,000 lifetime max. Brand-new FHSA? Enter $8,000.
Your Action Plan For This Year
Put into an FHSA
$8,000
Your FHSA room is $8,000. Only $8,000 of new room is added each year, but unused room carries forward — it is never lost (lifetime max $40,000). Fill your FHSA first: you get a tax deduction now, AND the withdrawal is 100% tax-free when you buy a house.
Put the overflow into an RRSP
$2,000
Because you maxed out your FHSA, put your remaining savings here. You still get a tax deduction, and you can withdraw it later using the Home Buyers' Plan (HBP) — but you will have to slowly pay this money back over 15 years.
Free Money (Estimated Tax Refund)
$3,000
Because you used these accounts, the CRA will likely owe you this much at tax time. Reinvest this refund to grow your down payment even faster!
Refund estimated using Ontario's combined federal + provincial marginal tax rates for 2026.
Open an FHSA in 5 Minutes
The FHSA (First Home Savings Account) is the best account ever created for young Canadians. You get the tax deductions of an RRSP, and the completely tax-free withdrawals of a TFSA. Wealthsimple offers $0 fee FHSAs.