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How do I claim the First Home Savings Account?

by TurboTax•9• Updated 4 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 all the initial interview questions if you haven’t already. This unlocks the Tax Home screen.
    • Note: from the Tax home screen, you can access each part of your tax return preparation from either:
      • Add to your return,
      • Up next - Recommended, or
      • To do
    • Access and complete these parts of your return:
  2. Go to your Tax profile and complete it, including this step:  
    • On the We'll check for credits and deductions screen, under Did you open, contribute to, or transfer money to a First Home Savings Account (FHSA)? choose the applicable boxes.
  3. Go to the Mandatory questions and answer Yes or No for each one.
  4. Enter your various types of income.
  5. Continue completing your return until you arrive at the Registered Savings Plans Profile screen.
    • On the Your registered savings plan profile for 2024 screen, make sure the appropriate boxes for your FHSA are checked and then select Continue.
    • Upon arriving at the T4FHSA Summary screen, select Enter New T4FHSA.
    • On theT4FHSA - First Home Savings Account Statement screen, enter the amounts from your statement.
    • If you don’t have another statement to report, select Done With T4FHSA.
    • On the T4FHSA Summary screen, select Done With T4FHSA.
    • On the FHSA Deduction screen, enter the amount you wish to deduct, then select Continue.
  6. On the Here’s your registered savings plan summary screen, you can see your FHSA contribution, deduction, and unused contribution rollover.
  1. Answer all the initial interview questions, if you haven’t already, including:
    • On the What happened for you in 2024? screen, under - do you have any RRSP, PRPP, other retirement plan, Home Buyers Plan (HBP), Lifelong Learning Plan (LLP), or LSVCC share information to enter? screen, 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. On the Entering you federal T-slips screen, ensure T4FHSA is selected and Continue.
  4. Enter info from your income T-slips as prompted and continue.
  5. On the T4FHSA - First Home Savings Account Statement screen, enter your contribution and select Done With T4FHSA.
  6. On the T4FHSA - Summary screen, review the information, then select Done With T4FHSA.
  7. From the left menu, select Registered savings Plans, then First Home Savings Account (FHSA).
  8. On the Amounts from Notice of Assessment or Reassessment screen, enter any applicable info from your prior year’s CRA Notice of Assessment, then select Continue.
  9. On the FHSA Deduction screen, enter the amount you wish to deduct, then select Continue.
  10. On the Registered savings plans summary, under FHSA summary, you can see the amounts contributed, withdrawn, and carried forward.