🏠 Reporting FHSA Activities on Your Income Tax and Benefit Return

This guide explains how to report First Home Savings Account (FHSA) activities on your Canadian income tax and benefit return, including T4FHSA slips, filling out Schedule 15 and reporting taxable amounts. FHSA is a registered plan that helps first‑time home buyers save tax‑free towards buying or building their first home.

📄 FHSA & T4FHSA Slip Overview

Your FHSA issuer will issue a T4FHSA slip (First Home Savings Account Statement) showing totals for contributions, transfers, withdrawals and other transactions for the tax year. This slip is essential for accurate reporting.

If the information on your T4FHSA slip is incorrect, contact your issuer to request an amended slip so that the CRA can update their records.

📊 Schedule 15 — FHSA Contributions, Transfers and Activities

You must complete Schedule 15 if, during the year, you:

  • Opened your first FHSA.
  • Made contributions to your FHSA.
  • Transferred RRSP amounts to your FHSA.
  • Made designated or qualifying withdrawals.
  • Plan to claim an FHSA deduction.

Schedule 15 collects data on your total contributions, transfers, withdrawals and your maximum FHSA deduction room. Ensure you attach a copy when filing your return.

📈 Key Tax Reporting Lines

  • Line 12905 — Report taxable FHSA amounts such as taxable withdrawals and amounts deemed received when an FHSA ceases to qualify.
  • Line 12906 — FHSA beneficiary distributions received in the year.
  • Line 20805 — FHSA deduction claimed for your contributions.
  • Line 43700 — Income tax deducted, including amounts withheld on FHSA withdrawals.

💡 Practical Tips

  • Keep all FHSA transaction records from your issuer, especially multiple T4FHSA slips if you have more than one FHSA.
  • If you open an FHSA but don’t contribute or make any transactions, you still tick the box for opening an FHSA on Schedule 15 and attach the schedule.
  • Qualifying withdrawals used to buy your first home are not taxable and shouldn’t be entered as income on your tax return.
  • Be sure to report any taxable amounts — e.g., if the FHSA ceases to be qualified or if property was used as security for a loan.

📚 Related Resources