📄 RC729 – Request for Waiver or Cancellation of Tax on your Excess FHSA Amount

Form RC729 is an official Canada Revenue Agency (CRA) form that individuals use to request a waiver or cancellation of the tax assessed on an excess contribution to their First Home Savings Account (FHSA). This tax arises when you contribute more to your FHSA than your available contribution room for the year and trigger an excess FHSA tax.

📥 How to Obtain the Form

You can get the RC729 PDF in different formats:

  • 📎 Accessible fillable PDF – download and fill it on your computer using Adobe Acrobat Reader 10 or later;
  • 🖨️ Standard print PDF – print and complete it by hand;
  • 📚 Alternate formats – you can request versions in audio, braille, eText or large print if you need accessibility support.

Always save the file to your device before opening it — opening the PDF directly in a browser can prevent form fields from working correctly.

🧠 What This Form Does

An excess FHSA amount tax is levied when your FHSA contributions exceed your allowable contribution room in a year. The CRA may assess a tax on that excess amount and you normally must pay it. By completing Form RC729, you can request a waiver or cancellation of this tax if you believe the excess contribution was caused by a reasonable error or other valid reason.

This request should be supported by documentation that shows why the excess FHSA contribution occurred and when it was corrected (e.g., evidence of withdrawal of the excess amount and transaction dates).

📄 How to Complete & Submit

  • ✍️ Fill in your personal information (name, address, SIN) on the form;
  • 📊 Provide details about the excess FHSA amount and the dates when it occurred and was corrected;
  • 🗂 Attach copies of FHSA transaction statements and any supporting documents that explain the reason for the excess amount;
  • 📮 Submit the form and attachments to the CRA following the instructions provided — this may include mailing it or uploading via your CRA online account if allowed.

CRA will review your request and determine whether to waive or cancel all or part of the tax based on the information you provide.

📌 Supporting Documentation

To strengthen your request for a waiver or cancellation, include:

  • 📑 FHSA transaction records showing your contributions and withdrawals;
  • 📅 Dates when excess amounts were contributed and corrected;
  • 📝 Written explanation of how the error occurred (e.g., reasonable mistake, misunderstanding of contribution room limits).

📍 Related FHSA Information

The rules on excess FHSA amounts and taxes are part of the CRA’s broader guidance on First Home Savings Accounts, including how tax payable is calculated and assessed. Form RC729 specifically focuses on relief from penalties related to excess amounts.