How do I claim the First Home Savings Account?
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.
TurboTax Online
For info only about entering your FHSA, go to the last step. Here are steps to take right from the start:
Answer the initial interview questions if you haven’t already. This unlocks 2025 tax return in the left menu.
From 2025 tax return in the left menu, under Add to your return, enter FHSA and select FHSA - First home savings account.
On the Opened first FHSA or prior year amounts screen, select the appropriate box(es) and continue.
On the T4FHSA Summary screen, select Enter New T4FHSA.
On the T4FHSA - 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. You've claimed your FHSA deduction.
TurboTax Desktop
Select Find, enter FHSA, select T4FHSA First Home Savings Account Statement, then Go.
On the Entering you federal T-slips screen, make sure T4FHSA is selected and Continue.
On the T4FHSA - First Home Savings Account Statement screen, enter your contribution, then select Done With T4FHSA.
On the T4FHSA - Summary screen, review the information, then select Done With T4FHSA.
From the left menu, select Registered Savings Plans, then First Home Savings Account (FHSA).
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.
On the FHSA Deduction screen, enter the amount you want to deduct, then select Continue.
On the Registered savings plans summary screen, under FHSA summary, you can see the amounts contributed, withdrawn, and carried forward.
