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How do I claim the First Home Savings Account?

by TurboTax•63• Updated 2 weeks ago

A First Home Savings Account (FHSA) is a savings account with tax-deductible contributions and tax-free withdrawals for people buying their first home.

You can contribute up to $8,000 each year for a lifetime maximum of $40,000. If you contribute less than $8,000, you can carry over the remaining amount to the next year. Income earned within the account is tax-free.

For more info, visit the TurboTax Blog.

Follow these steps to claim a FHSA in TurboTax.

For info only about entering your FHSA, go to the last step. Here are steps to take right from the start:

  1. Answer the initial interview questions if you haven’t already. This unlocks 2024 tax return.
    • Note: from 2024 tax return, you can access each part of your tax return preparation from either:
      • Add to your return,
      • Up next - Recommended, or
      • To do
  2. From 2024 tax return under To do, select Personal info > Start and complete the personal info questions.
  3. Under To do, select Tax profile and:   
    • Select Your tax profile and complete it, including at We'll check for credits and deductions, under Did you open, contribute to, or transfer money to a First Home Savings Account (FHSA)? choose the applicable boxes.
    • Select the Mandatory questions section and answer Yes or No for each question.
  4. Under To do, select Income and enter your various types of income.
  5. Under To do, select Opened first FHSA or prior year amounts.
  6. At [your name] Opened first FHSA or prior year amounts select the appropriate box(es) and continue.
  7. Under To do, select T4FHSA - First Home savings account statement.
    • At T4FHSA Summary, select Enter New T4FHSA.
    • At T4FHSA - First Home Savings Account Statement, enter the amounts from your statement.
    • If you don’t have another statement to report, select Done With T4FHSA.
    • At T4FHSA Summary, select Done With T4FHSA.
  8. Under To do, select FHSA deduction.
  9. At FHSA Deduction, enter the amount you wish to deduct, then select Continue. You've claimed your FHSA deduction.
  1. Answer all the initial interview questions, if you haven’t already, including:
    • At What happened for you in 2024?, under - do you have any RRSP, PRPP, other retirement plan, Home Buyers Plan (HBP), Lifelong Learning Plan (LLP), or LSVCC share information to enter? select Yes.
    • Under Did you open or contribute to a First Home Savings Account (FHSA) , select Yes and check the applicable boxes.
  2. Select the Find icon, enter FHSA, and select T4FHSA First Home Savings Account Statement, and Go.
  3. At Entering you federal T-slips, ensure T4FHSA is selected and Continue.
  4. Enter info from your income T-slips as prompted and continue.
  5. At T4FHSA - First Home Savings Account Statement, enter your contribution and select Done With T4FHSA.
  6. At T4FHSA - Summary, review the information, then select Done With T4FHSA.
  7. From the left menu, select Registered savings Plans, then First Home Savings Account (FHSA).
  8. At Amounts from Notice of Assessment or Reassessment, enter any applicable info from your prior year’s CRA Notice of Assessment, then select Continue.
  9. At FHSA Deduction, enter the amount you wish to deduct, then select Continue.
  10. At Registered savings plans summary, under FHSA summary, you can see the amounts contributed, withdrawn, and carried forward.