FHSA deduction available is incorrect. She contributed 3000 in 2024 and the available amount showing on her report is 0.00 Will this be corrected?

[fenerick]

i am showing a FHSA contribution of 3000 for 2024. What amount am I allowed to deduct for 2024 tax year?

[AdamH1]

Hi @fenerick,

Thank you for reaching out. I understand your concern regarding the FHSA deduction amount showing on your report.

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. Your CRA account tracks your latest FHSA contribution room.

For 2024, the maximum FHSA contribution room is $8,000CAD per individual per calendar year. Contributions to an FHSA are generally deductible and can be used to reduce your tax. Transfers from your RRSPs to your FHSAs are not deductible. You can find more details on the CRA website here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.h....

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.

Thank you for using TurboTax.