Most Canadians saving for a home know their balance. Almost none know if what they're saving this month is actually enough.
For Canadians saving for a home
Know exactly what to save each month to hit your move-in date.
See what you need to save each month — and whether you're on pace — while your FHSA room counts down before it expires.
FHSA, explained
Common questions about FHSA room
Room & limits
How much FHSA room do I get each year?
$8,000 per calendar year, up to a $40,000 lifetime cap.
Can I carry unused FHSA room forward?
Yes, but only up to $8,000 of unused room carries into the next year, so the most you can contribute in a single year is $16,000.
Do investment gains use up my contribution room?
No. Room is measured by contributions at cost. Growth inside the account doesn't eat into your room — which is why RoomRace tracks contributions, not market value.
Rules & deadlines
When does my FHSA room start accumulating?
Only after you open an FHSA — not automatically at age 18 like RRSP or TFSA. No account, no room.
Does the FHSA have a 60-day rule like RRSPs?
No. FHSA contributions must be made by December 31 to count for that tax year — there's no January/February grace period.
What happens if I over-contribute?
The CRA charges a 1% per month penalty on the excess amount until it's withdrawn.
What if I don't end up buying a home?
You have 15 years (or until age 71) to use the FHSA for a qualifying home purchase. After that, funds can be transferred tax-free to an RRSP or RRIF without using RRSP room, or withdrawn as taxable income.
Combining with other accounts
Do RRSP-to-FHSA transfers use my FHSA room?
Yes, transfers from an RRSP consume FHSA contribution room and aren't tax-deductible, unlike cash contributions.
Can I use the FHSA and the Home Buyers' Plan together?
Yes. Since 2023, you can combine FHSA withdrawals with the HBP for the same home purchase.
Are FHSA contributions tax-deductible?
Yes, like an RRSP. Unused deductions can be carried forward and claimed in a higher-income year.
General information based on current CRA rules — not tax advice. Verify with a qualified advisor before making decisions.