March 6, 2024
Ottawa, Ontario
Canada Revenue Agency
Did you open a First Home Savings Account (FHSA) in 2023?
If so, you need to be aware of this important information.
- File your income tax and benefit return and fill out Schedule 15, FHSA Contributions, Transfers and Activities, to let us know that you opened an account, even if you did not contribute to your FHSA or transfer from your RRSP to your FHSA in 2023.
- Up to $8,000 in FHSA contributions made by December 31, 2023, can be claimed as a deduction on your 2023 income tax and benefit return.
- Contributions made to your FHSA are generally tax-deductible, while transfers from your RRSPs to your FHSAs are not tax-deductible.
- Your FHSA issuer will give you a T4FHSA slip, First Home Savings Account Statement, showing the totals of certain transactions you made in your FHSA in 2023.
- You can open more than one FHSA, but the total amount contributed or transferred to all of your FHSAs should not exceed the annual and lifetime limits.
Please see the next tips in our next post.
*The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this text accepts any contractual, tortious, or any other form of liability for its contents.
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