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How do I claim the First Home Savings Account?

by TurboTax• Updated 2 days 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 to 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.

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Follow these instructions to claim a FHSA in TurboTax.

  1. Answer all the initial interview questions if you haven’t already. 
  2. On the What happened for you in 2023?- did you open, contribute to, or transfer money to a First Home Savings Account (FHSA)? screen, select Yes and choose the applicable boxes.
  3. From the left menu,  select Income, then T-slips, and then T4FHSA First Home Savings Account.
  4. On the T4FHSA Summary screen, select Enter New T4FHSA.
  5. On theT4FHSA - First Home Savings Account Statement screen, enter the amounts from your statement.
  6. If you don’t have another statement to report, select Done With T4FHSA.
  7. On the T4FHSA Summary screen, select Done With T4FHSA.
  8. From the left menu, select Registered Savings Plans, then First Home Savings Account (FHSA), and then FHSA Deduction.
  9. On the FHSA Deduction screen, enter the amount you wish to deduct, then select Continue.
  10. To view the FHSA contribution, deduction, and unused contribution rollover: select Registered Savings Plans and then Registered Savings Plans Summary.
  1. Answer all the initial interview questions, if you haven’t already. 
  2. On the what happened for you in 2023?- 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.
  3. For the question Did you open or contribute to a First Home Savings Account (FHSA) , select Yes and check the applicable boxes.
  4. Select Find, enter fhsa, and select T4FHSA First Home Savings Account Statement, and Go.
  5. On the Entering you federal T-slips screen, select  T4FHSA and Continue.
  6. Enter info from your income T-slips and T4FHSA statements. 
  7. On the T4FHSA - Summary screen, review the information, then select Done With T4FHSA.
  8. From the left menu, select Registered savings Plans, then First Home Savings Account (FHSA).
  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.

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