Newfoundland and Labrador FHSA Calculator 2026 — First Home Savings Account Tax Savings

Calculate FHSA tax savings in Newfoundland and Labrador. The First Home Savings Account lets you save up to $8,000/year ($40,000 lifetime) with tax-deductible contributions. Newfoundland and Labrador uses a progressive provincial tax structure (top rate 21.8%)—your marginal rate determines how much you save. Federal + provincial deduction. First-time home buyers only—free, no sign-up.

How to Use the Newfoundland and Labrador FHSA Calculator

Enter income — Your taxable income determines your marginal tax rate (federal + Newfoundland and Labrador provincial).
Enter FHSA contribution — Up to $8,000 per year, $40,000 lifetime. Unused room carries forward.
Get your tax savings — See federal and Newfoundland and Labrador provincial tax savings from your deduction.

Pair with our Canada Tax Refund Calculator for full refund estimates, or RRSP Calculator to compare strategies.

FHSA Tax Savings Calculator

First Home Savings Account: up to $8,000/year, $40,000 lifetime. Tax deductible like RRSP.

Annual income (CAD)

Province

Filing status

FHSA contribution (max $8,000/year)

Previously contributed (lifetime)

Tax savings

$2,800

Effective rate: 35.0% on contribution

Take-home without FHSA$55,847

Take-home with FHSA$50,647

Remaining lifetime room$32,000

Annual limit: $8,000. Lifetime limit: $40,000. Must be first-time home buyer.

FHSA calculator by province

FHSA Tax Savings in Newfoundland and Labrador

Your FHSA tax savings depend on your marginal tax rate—the rate you pay on your last dollar of income. Newfoundland and Labrador uses a progressive provincial tax structure with a top marginal rate of 21.8%. Combined federal + provincial rates in Newfoundland and Labrador range from roughly 25% to over 50% depending on income. A $8,000 FHSA contribution could save you between about $2,000 and $4,000+ in taxes, depending on your bracket.

FHSA contributions are deductible like RRSP contributions. They reduce your taxable income at your marginal rate. Growth inside the FHSA is tax-free, and qualifying withdrawals for a first home are tax-free. It combines RRSP and TFSA benefits for home buyers.

FHSA Limits & Rules

Annual limit: $8,000 (indexed to inflation in future years)
Lifetime limit: $40,000
Unused room carries forward (max $8,000 per year carryforward)
Must be 18+ and a first-time home buyer (no ownership in year of opening or four prior years)
Maximum participation period: 14 years from opening

Disclaimer: This calculator is for planning only. FHSA rules are governed by the Income Tax Act and CRA guidance. Consult the CRA or a tax professional for your situation. We do not provide tax or financial advice.