Schedule 15: T4FHSA First Home Savings Account

The federal Schedule 15 and T4FHSA for a First Home Savings Account (FHSA) are available for individuals who have opened a FHSA and either:

  • made contributions,
  • transferred amounts from a registered retirement savings plan (RRSP),
  • designated withdrawals or transfers from your FHSA to correct an overcontribution, or
  • made withdrawals from your FHSA to buy or build a home.

T4FHSA is a slip used to enter your reported contributions and withdrawals that your bank or broker reported to the government.

Schedule 15 must be completed to calculate your FHSA deduction for 2024 (if contributions were made), non-taxable and taxable income (if withdrawals were made), and/or carry forward the amount available for future years.

A first home savings account (FHSA) is a registered plan which allows a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits).

Eligible individuals for a FHSA must meet all the following conditions:

  • 18 years of age or older
  • 71 years of age or younger as of December 31 the year the FHSA was opened
  • A resident of Canada
  • You did not live in a qualifying home as your main residence that you owned or jointly owned this year or in the previous 4 years.
  • You did not live in a qualifying co-owned home:
    • as your main residence you owned this year or in the previous 4 years.
    • as your main residence that your spouse or common-law partner owned or jointly owned this year or in the previous 4 years.

Note: If a withdrawal is used to buy a home, it is not included in your income.

For more information, see Opening your FHSAs (CRA).

The maximum amount you can contribute to an FHSA is $8,000 yearly, with a lifetime maximum of $40,000.

Any unused contribution room will be carried forward to the next year, up to a maximum of $8,000.

For example, Julia opened an FHSA in 2024 and contributed $8000 on December 31, 2024. This will be an FHSA deduction on her 2024 tax return. In 2025, she will have room to contribute $8000 again.

For more information, see Participating in your FHSAs.

Important: If you’re a resident of Québec, you’ll need to also claim the T4FHSA equivalent on the  RL-32  page in H&R Block's tax software.

Follow these steps in H&R Block's 2024 tax software:

  1. On the left navigation menu, click the Government slips tab, then Smart Search.

  1. Type T4FHSA into the search field. Click the highlighted section or press Enter to continue.
  2. On the T4FHSA page, enter your information into the tax software.

Fill out a Schedule 15 for FHSA Contributions, Transfers, and Activities.

Follow these steps in H&R Block's 2024 tax software:

  1. On the left navigation menu, under the Credits & deductions tab, click Tax Topics.

  2. Select the Investment income & expenses checkbox.

  3. At the bottom of the page, click Add selected topics to my return.

  1. On the left navigation menu, click Investments.

  2. Under the OTHER INVESTMENT DEDUCTIONS heading, select the checkbox labelled First Home Savings Account Contributions, Transfers and Activities (Schedule 15), then click Continue.

  3. When you arrive at the First Home Savings Account Contributions, Transfers and Activities page, enter your information into the tax software.