https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-fhsa-deduction-available-is-incorrect-she-contributed-3000-in-2024-and-the-available-amount/01/3679030#M16911 <P>Hi&nbsp;<a href="https://turbotax.community.intuit.ca/community/user/viewprofilepage/user-id/5874932">@fenerick</a>,</P><P><BR />Thank you for reaching out. I understand your concern regarding the FHSA deduction amount showing on your report.</P><P>&nbsp;</P><P>It's important to note that the available deduction for tax purposes may differ from the total contributions or the balances shown by your financial institution. For example, a CRA report FHSA balance may differ compared to a report from a financial institution.&nbsp;Your CRA account tracks your latest FHSA contribution room.</P><P>&nbsp;</P><P>For 2024, the maximum FHSA contribution room is $8,000CAD per individual per calendar year. C<SPAN>ontributions to an FHSA are generally deductible and can be used to reduce your tax. Transfers from your RRSPs to your FHSAs are not deductible.</SPAN> You can find more details on the CRA website here:&nbsp;<A href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html" target="_blank" rel="noopener">https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html</A>.</P><P><BR />To ensure the information in TurboTax accurately reflects your situation, please verify the FHSA contribution information you entered. If you continue to see a discrepancy and would like further assistance, please don't hesitate to call our support line, and we'd be happy to help you troubleshoot.<BR /><BR />Thank you for using TurboTax.</P> Wed, 30 Apr 2025 18:27:44 GMT AdamH1 2025-04-30T18:27:44Z https://turbotax.community.intuit.ca/community/seniors-students/discussion/fhsa-deduction-available-is-incorrect-she-contributed-3000-in-2024-and-the-available-amount-showing/01/3676402#M16856 i am showing a FHSA contribution of 3000 for 2024. What amount am I allowed to deduct for 2024 tax year? Sun, 27 Apr 2025 17:23:42 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/fhsa-deduction-available-is-incorrect-she-contributed-3000-in-2024-and-the-available-amount-showing/01/3676402#M16856 fenerick 2025-04-27T17:23:42Z https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-fhsa-deduction-available-is-incorrect-she-contributed-3000-in-2024-and-the-available-amount/01/3679030#M16911 <P>Hi&nbsp;<a href="https://turbotax.community.intuit.ca/community/user/viewprofilepage/user-id/5874932">@fenerick</a>,</P><P><BR />Thank you for reaching out. I understand your concern regarding the FHSA deduction amount showing on your report.</P><P>&nbsp;</P><P>It's important to note that the available deduction for tax purposes may differ from the total contributions or the balances shown by your financial institution. For example, a CRA report FHSA balance may differ compared to a report from a financial institution.&nbsp;Your CRA account tracks your latest FHSA contribution room.</P><P>&nbsp;</P><P>For 2024, the maximum FHSA contribution room is $8,000CAD per individual per calendar year. C<SPAN>ontributions to an FHSA are generally deductible and can be used to reduce your tax. Transfers from your RRSPs to your FHSAs are not deductible.</SPAN> You can find more details on the CRA website here:&nbsp;<A href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html" target="_blank" rel="noopener">https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html</A>.</P><P><BR />To ensure the information in TurboTax accurately reflects your situation, please verify the FHSA contribution information you entered. If you continue to see a discrepancy and would like further assistance, please don't hesitate to call our support line, and we'd be happy to help you troubleshoot.<BR /><BR />Thank you for using TurboTax.</P> Wed, 30 Apr 2025 18:27:44 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-fhsa-deduction-available-is-incorrect-she-contributed-3000-in-2024-and-the-available-amount/01/3679030#M16911 AdamH1 2025-04-30T18:27:44Z