Did you open a First Home Savings Account (FHSA) in 2023?
If so, you need to be aware of this important information. (Please see the first five tips in our previous post).
6. Unused FHSA contributions (contributions that are not deducted in the year they are made) can generally be carried forward for future tax years.
7. Qualifying withdrawals, including investment income earned in your FHSA on contributions and transfers, are non-taxable when withdrawn to build or buy a qualifying home.
8. You can withdraw from your FHSA and your RRSP under the Home Buyers’ Plan for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal.
9. Your FHSA participation details can be accessed through My Account. You can also view and print a copy of your T4FHSA slip.
10. Once your 2023 income tax and benefit return has been assessed, you will receive an FHSA participation room statement with your notice of assessment or on a T1028.
*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.
For any questions, give us a call.
Do you need to prepare your records for year-end and for tax filing?
Let us help!
We offer a wide range of services, including bookkeeping, financial reporting, payroll processing, tax planning and more.
Get started with a free consultation to learn more!
