FHSA & RRSP Tax Refund Calculator 2026
Example: in BC, with $85,000 of income and $8,000 in an FHSA, the estimated refund is about $2,256.00 (estimate based on 2026 tax rates).
Estimated result Estimate
Estimated refund$2,256.00
- Refund rate
- 28.20%
- Net cost after refund
- $5,744.00
- Combined marginal rate
- 28.20%
- Deduction used
- $8,000.00
- Tax before contribution
- $16,065.01
- Tax after contribution
- $13,809.01
- Federal tax before contribution
- $11,317.73
- Provincial or territorial tax before contribution
- $4,747.28
- Contribution above income (no tax effect)
- $0.00
Limit checks
Estimate for information only, not tax or investment advice. Based on 2026 tax rates. Excludes the Ontario Health Premium, CPP/EI and other credits.
Federal brackets · Source: www.canada.ca · As of: Oct 2026 Estimate
Provincial or territorial brackets · Source: www.canada.ca · As of: Oct 2026 Estimate
Basic personal amount · Source: www.canada.ca · As of: Oct 2026 Estimate
FHSA, RRSP and TFSA side by side
| Account | Estimated refund | Net cost | Tax on qualified withdrawal | Annual limit | Deadline |
|---|---|---|---|---|---|
| FHSA | $2,256.00 | $5,744.00 | None (if requirements are met) | $8,000 | Dec 31, 2026 |
| RRSP | $2,256.00 | $5,744.00 | Taxed as income | 18% of prior-year earned income, up to $33,810 | Mar 1, 2027 |
| TFSA | $0.00 | $8,000.00 | None | $7,000 | New room on Jan 1, 2027 |
It depends on your income, home-buying plans and tax rate in retirement.
Deadlines
| Account | Deadline |
|---|---|
| FHSA | Dec 31, 2026 |
| RRSP | Mar 1, 2027 |
Refund by province
How this is calculated
- Federal and provincial tax are calculated separately with the 2026 brackets, then added together.
- Basic personal amounts, the Ontario surtax and the Quebec federal abatement are included.
- The Ontario Health Premium, CPP/EI and other credits are not included.
Federal brackets · Source: www.canada.ca · As of: Oct 2026 Estimate