FHSA Home Purchase Planner

Plan your First Home Savings Account contributions and see how close they get you to your down payment.

$300,000–$1,500,000 (the CMHC insured-mortgage ceiling).

FHSA contribution frequency

Applies to both FHSA planned contributions. Monthly uses monthly compounding.

Each partner gets their own FHSA — a $40,000 lifetime limit each, $80,000 combined.

Your FHSA

The FHSA program began in 2023.

Total you've contributed so far — counts toward your $40,000 lifetime limit.

FHSA rules allow $8,000 of new room per year, plus unused room carried forward (up to $8,000 extra). Capped automatically by your available room and the $40,000 lifetime limit.

Other funds for your down payment

Household-level savings outside the FHSA, projected to your purchase date.

/mo

Projected with monthly compounding at the expected return above. TFSA growth is tax-free.

/mo

Same projection math; shown before tax on growth.

Added flat at purchase — no growth assumed.

Total projected down payment
$0
· · Years to reach the $40,000 lifetime limit:

Your FHSA contribution room

Your FHSA room
Room earned to date$0
Contributions to date$0
Carryforward available$0
Max contribution this year$0
Lifetime remaining$0

You can contribute up to $0 this year.

Upcoming contribution room

Maximum you can contribute each year. Assumes you contribute the maximum each year.

You
YearMax you can contributeNote

Down-payment coverage

Projected: 0% of home price
FHSA → 0% TFSA → +0% Non-registered → +0% Gift → +0%
20% down — avoids CMHC insurance
Target:
5% down — minimum down payment
Target:

Year-by-year projection

YearContributionGrowthBalanceLifetime usedCarry forward

Gift / family help is shown as committed funds across all years.

Good to know

  • Eligibility: you must be a first-time home buyer — you haven't owned a home in the current calendar year or the previous 4 calendar years.
  • Qualifying withdrawal: needs a written agreement to buy or build, and you must move in as your principal residence within one year. Qualifying withdrawals are tax-free.
  • Account lifespan: the FHSA must be closed by December 31 of the 15th anniversary year or the year you turn 71 — the balance can transfer to your RRSP/RRIF tax-free.
  • Over-contributions face a 1% per month penalty until removed.
  • Other funds: TFSA projections assume tax-free growth; non-registered projections are shown before tax on growth; gifts are added flat with no growth.
  • Figures use 2026 FHSA rules, which are indexed over time — confirm your personal contribution room with the CRA.

Closing costs to budget for

BC property transfer tax (standard)$0
First-time buyer estimate$0

A separate Newly Built Home exemption covers new construction up to $1,100,000 (partial to $1,150,000).

Total estimated closing costs$0

Includes typical ranges: legal/notary ~$1,200–$2,000; home inspection ~$400–$600; appraisal ~$300–$500; title insurance ~$250–$400. Property tax & strata adjustments and moving costs vary.

First-time buyer eligibility: Canadian citizen/PR, BC resident 12+ months, never owned a principal residence anywhere in the world, move in within 92 days. Rules change — confirm with your notary/lawyer.

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Provided by Aaron Taylor, Taylor Wealth Designers Ltd. - www.wealthdesigners.ca

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

IMPORTANT — PLEASE READ: This report was produced by an automated calculator and may contain calculation errors. All results are hypothetical illustrations based on the inputs and assumptions shown (rates of return, inflation, tax rules, and government benefit amounts), not predictions or guarantees of future outcomes. Past investment performance does not guarantee future results. Tax laws and government programs (including CPP, OAS, and GIS) change over time. This report is for general information only and is not investment, tax, or legal advice. Please review your situation with a qualified professional before making financial decisions.

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