Should the next dollar go to FHSA or RRSP?

FHSA and RRSP contributions can lower tax today. The refund only helps your down payment if you keep it for the home. This calculator shows both the refund estimate and the account value.

Yes. Unused room carries over to later years, so your CRA total can be higher than $8,000. Enter the current room from CRA My Account when you know it.

A qualifying FHSA withdrawal for a first home can come out tax-free and does not need to be repaid. RRSP Home Buyers' Plan withdrawals normally need repayment later.

Yes. They stack on the same home purchase. Most first-time buyers fill FHSA room first, then add up to $60,000 from an RRSP through the Home Buyers' Plan if they need more.

It does not model tax on regular savings growth, refunds from contributions made in later years, or the wait until a refund actually arrives after filing. Saving beyond your contribution room is treated as regular savings. These simplifications slightly flatter the regular path and early refunds.

Use your best estimate for planning, then confirm your FHSA and RRSP room in CRA My Account before contributing.

Be careful with money you need soon. A higher expected return usually comes with a higher chance of being down when you need the cash. Short home timelines often call for more certainty than growth.

No. It is an estimate that compares common account paths for a down payment. Eligibility, contribution room, investments, and filing details can change the real result.