1.FHSA basics. The First Home Savings Account allows up to $8,000 a year to a $40,000 lifetime maximum, with up to $8,000 of unused room carried forward. Contributions are tax deductible like an RRSP, growth is tax sheltered, and a qualifying withdrawal for a first home is tax free like a TFSA. This tool caps contributions at the $40,000 lifetime limit.

2.Tax refund. The refund shown is the total contributed multiplied by the marginal tax rate you enter. Your actual benefit depends on your real combined federal and provincial marginal rate, and the deduction can be claimed in the contribution year or carried forward to a higher-income year.

3.Down payment rules. For an insured mortgage in Canada the minimum down payment is 5 percent on the first $500,000 of price and 10 percent on the portion above $500,000. At $1,500,000 and above, a 20 percent down payment is required and mortgage default insurance is not available. A down payment below 20 percent requires that insurance, with a premium of about 4.00 percent of the mortgage at 5 percent down, 3.10 percent at 10 percent down, and 2.80 percent at 15 percent down, usually added to the mortgage. Provincial sales tax on the premium applies in some provinces and a small surcharge applies to a 30-year amortization.

4.Home Buyers' Plan. A first-time buyer can withdraw up to $60,000 from an RRSP under the Home Buyers' Plan and combine it with an FHSA for the same purchase. The HBP amount is a loan from yourself and must be repaid to the RRSP over time.

5.Estimates only. Educational projection, not financial, tax, or mortgage advice. Tuition, premium, and rule figures are current as of the review date and can change. See disclosures, and the registered account selector to see where the FHSA fits among your other accounts.