Reporting FHSA activities on your income tax and benefit return 

Your first home savings account (FHSA) issuer will give you a T4FHSA slip, First Home Savings Account Statement showing the totals of the transactions you made in each of your FHSAs for the year. These amounts must be reported when you file your income tax and benefit return for the year.

On this page

• Your T4FHSA slip, First Home Savings Account Statement
• How to report amounts from your T4FHSA slip on your income tax and benefit return

Your T4FHSA slip, First Home Savings Account Statement

Your FHSA issuer will give you a T4FHSA slip showing the totals of certain transactions you made in your FHSA in 2023. There will be instructions on page 2 of the slip explaining how to report these amounts on your income tax and benefit return.

It is important to note that you are responsible for keeping track of all activities in your FHSAs. If any information initially provided by the FHSA issuer about your FHSA is incorrect, you must work with them to resolve the issue. The issuer must send an amended T4FHSA slip to the Canada Revenue Agency (CRA) so that the CRA can update their information.

How to report amounts from your T4FHSA slip on your income tax and benefit return

When you file your income tax and benefit return for the year, you have to fill out Schedule 15, FHSA Contributions, Transfers and Activities if you:

• opened your first FHSA in 2023
• made contributions to your FHSAs
• transferred property from your registered retirement savings plans (RRSPs) to your FHSAs
• made a designated withdrawal or a designated transfer from your FHSAs
• made a qualifying withdrawal from your FHSAs
• are claiming an FHSA deduction at line 20805

If you have to fill out Schedule 15, go to the section below for additional instructions.

You also have to report the following amounts on your income tax and benefit return:

• Taxable withdrawals

  This is the amount of taxable withdrawals made in the year from your FHSAs. Enter this amount on line 12905 of your income tax and benefit return.

  For more information about making taxable withdrawals from your FHSAs, go to Withdrawals and transfers out of your FHSAs.

• FHSA beneficiary distributions received

  This is the amount of taxable distributions that you received in the year as a beneficiary of a deceased holder's FHSA. Enter this amount on line 12906 of your income tax and benefit return.

  For more information about beneficiary distributions, go to Death and FHSAs.

• Amount deemed received on FHSA cessation

  This is the amount that must be included in your income if property remained in your account when it ceased to be an FHSA or if you are a beneficiary who is entitled to property that remains in the deceased holder’s FHSA at the end of the exempt period. Enter this amount on line 12905 of your income tax and benefit return.

  For more information about an amount deemed received on FHSA cessation, go to Closing your FHSAs and Death and FHSAs.

• Security for a loan

  This is the fair market value of any property in the FHSA that was used as security for a loan. Enter this amount at line 12906 of your income tax and benefit return.

  If the property in the FHSA ceases to be pledged as security for a loan, an amount may be deductible by the holder in the year the property ceases to be security for a loan. Enter any deduction (amount shown in brackets) on line 23200 of your income tax and benefit return.

• Income tax deducted

  Enter this amount at line 43700 of your income tax and benefit return.

Filling out your Schedule 15, FHSA Contributions, Transfers, and Activities

The information provided in this section only pertains to the information on Schedule 15 for the 2023 tax year.

If you fill out the schedule incorrectly or if you do not submit a copy of the schedule with your income tax and benefit return, the notice you will receive about your FHSA participation room and unused FHSA contributions available for deduction for the following year may be inaccurate.

Box 68930 – Opening your first FHSA

Tick this box if you opened your first FHSA in 2023. Your maximum participation period begins in the year that you opened your first FHSA.

If you opened an FHSA in 2023 but you did not make any contributions to your FHSAs, transfers from your RRSPs to your FHSAs, or qualifying withdrawals from your FHSAs in 2023, you do not need to complete the rest of the schedule. However, you still need to tick this box and attach a copy of the schedule when you file your income tax and benefit return for 2023.

For more information about opening an FHSA, go to Opening your FHSAs.

Line 1 – Total contributions made to your FHSAs

This is the total amount of contributions you made to your FHSAs in 2023, as shown in box 18 of all your 2023 T4FHSA slips.

Include on this line  the total of all contributions you made from April 1, 2023 to December 31, 2023, even if you are not deducting the contributions on your income tax and benefit return for 2023. Otherwise, the CRA may reduce or disallow your claim for these contributions on your income tax and benefit return for a future year.

For more information about making contributions to your FHSAs, go to Participating in your FHSAs.

Line 2 – Total contributions made to your FHSAs after your first qualifying withdrawal

Include on this line the total of all contributions you made to your FHSAs after you made your first qualifying withdrawal from your FHSAs.

If you did not make any qualifying withdrawals from your FHSAs in 2023, do not include any amount on this line.

Contributions you made to your FHSAs after your first qualifying withdrawal cannot be claimed as a deduction on your income tax and benefit return for any year.

Line 4 – Total amount of designated withdrawals from your FHSAs

Include on this line the total of all the designated withdrawals you made from your FHSAs in 2023, as shown in box 38 of all your 2023 T4FHSA slips.

For more information about making a designated withdrawal from your FHSA, go to How to make a designated withdrawal or a designated transfer.

Line 7 – Total transfers made from your RRSPs to your FHSAs

Include on this line the total of all transfers you made from your RRSPs to your FHSAs in 2023, as shown in box 32 and box 34 of all your 2023 T4FHSA slips.

For more information about transferring property from your RRSPs to your FHSAs, go to Transfers into your FHSAs.

Line 9 – Total amount of designated transfers from your FHSAs to your RRSPs

Include on this line the total of all the designated transfers you made from your FHSAs in 2023, as shown in box 36 of all your 2023 T4FHSA slips.

For more information about making a designated transfer from your FHSA, go to How to make a designated withdrawal or a designated transfer.

Line 18 – Maximum FHSA deduction available for 2023

This is the maximum amount that you can claim as an FHSA deduction in respect of your FHSA contributions.

Enter whichever is less:

• amount from line 12

• amount from line 17

Line 20 – FHSA deduction for 2023

Include on this line the total amount of FHSA contributions that you are claiming as an FHSA deduction for 2023. You must report this amount on line 20805 of your 2023 income tax and benefit return.

The FHSA contributions that you are claiming as an FHSA deduction for 2023 cannot exceed your maximum FHSA deduction available for 2023 as shown on line 18 of your Schedule 15.

For more information on FHSA deductions, go to Tax deductions for FHSA contributions.

Line 22 – Total amount of qualifying withdrawals from your FHSAs

Include on this line the total of all qualifying withdrawals you made from your FHSAs in 2023, as shown in box 20 of all your 2023 T4FHSA slips.

For more information on qualifying withdrawals, go to Making qualifying withdrawals from your FHSAs.

Box 68965 – Address of your qualifying home

Tick this box if the address on page 1 of your income tax and benefit return is the same as the address of the qualifying home that you bought or built under the FHSA.