| T1-2024 | FHSA Contributions, Transfers and Activities |
Schedule 15 Protected B when completed |
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| Complete this schedule to calculate your first home savings account (FHSA) deduction for 2024 and any unused FHSA contributions available to deduct in future years. Also complete this schedule to let the CRA know that you opened your first FHSA or became a successor holder in 2024. |
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| For more information about FHSAs and the terms used in this schedule, go to canada.ca/fhsa. | ||||||||||||||
| Attach a copy of this schedule to your paper return. | ||||||||||||||
| Before you start | ||||||||||||||
| Gather your 2024 T4FHSA slips. If you opened an FHSA in 2023, you will also need your notice of assessment (NOA) or notice of reassessment (NOR) or Form T1028, Your RRSP, HBP, LLP, or FHSA Information for 2024. |
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| How to complete this schedule | ||||||||||||||
| Complete Step 1 only if you: | ||||||||||||||
| • | opened your first FHSA in 2024 and did not make any contributions, transfers or withdrawals (tick the box at line 68930) | |||||||||||||
| • | did not open an FHSA of your own in 2023 or 2024 but you became a successor holder in 2024 and did not make any contributions or transfers to the FHSA or withdrawals from the FHSA that you became a successor holder of (tick the box at line 68930) |
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| For information about successor holders, go to canada.ca/death-fhsa. | ||||||||||||||
| Complete Steps 1, 2 and 3 if you: | ||||||||||||||
| • | made contributions to your FHSAs in 2023 that you did not fully deduct on your 2023 return (your unused FHSA contributions available to deduct in 2024 are shown on your 2023 NOA/NOR or Form T1028) |
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| • | opened an FHSA in 2023 or 2024 and did any of the following: | |||||||||||||
| – made contributions to your FHSAs | ||||||||||||||
| – transferred property from your registered retirement savings plans (RRSPs) to your FHSAs | ||||||||||||||
| – made designated withdrawals from your FHSAs to reduce or eliminate an excess FHSA amount | ||||||||||||||
| – made designated transfers from your FHSAs to your RRSPs or registered retirement income funds (RRIFs) to reduce or eliminate an excess FHSA amount |
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| – made qualifying withdrawals from your FHSAs to buy or build a home | ||||||||||||||
| Complete Step 4 if you made a qualifying withdrawal from your FHSAs in 2024. | ||||||||||||||
| If you need help | ||||||||||||||
| If you need help completing this schedule, go to canada.ca/income-tax-return-fhsa. | ||||||||||||||
| 5000-S15 E (24) | (Ce formulaire est disponible en français.) | Page 1 of 3 | ||||||||||||
| Protected B when completed | ||||||||||||||
| Step 1: Did you open your first FHSA in 2024? | ||||||||||||||
| Tick this box if you opened your first FHSA in 2024 or became a successor holder in 2024 | ||||||||||||||
| and did not open another FHSA of your own in 2023 or 2024. | 68930 | |||||||||||||
| If you also made FHSA contributions, transfers, or withdrawals in 2023 or 2024, continue at Step 2. | ||||||||||||||
| Step 2: Calculate your annual FHSA limit for 2024 | ||||||||||||||
| Total contributions made to your FHSAs in 2024 (box 18 of your 2024 T4FHSA slips) | 68935 | 1 | ||||||||||||
| Total contributions made to your FHSAs in 2024 after your first qualifying withdrawal | 68940 | – | 2 | |||||||||||
| Line 1 minus line 2 | = | 3 | ||||||||||||
| Variable "B" amount of your annual FHSA limit for 2023 (from your 2023 NOA/NOR or | ||||||||||||||
| Form T1028 for 2024) | + | 4 | ||||||||||||
| Line 3 plus line 4 | = | 5 | ||||||||||||
| Total designated withdrawals from your FHSAs in 2024 (box 38 of your 2024 T4FHSA slips) | 68945 | – | 6 | |||||||||||
| Line 5 minus line 6 (if negative, enter "0") | = | 7 | ||||||||||||
| 8 | ||||||||||||||
| Your FHSA carryforward for 2024 (from your 2023 NOA/NOR or Form T1028 for 2024) | + | 9 | ||||||||||||
| Line 8 plus line 9 | = | 10 | ||||||||||||
| Total transfers from your RRSPs to your FHSAs in 2023 | ||||||||||||||
| (from your 2023 NOA/NOR or Form T1028 for 2024) | 11 | |||||||||||||
| Total transfers from your RRSPs to your FHSAs in 2024 | ||||||||||||||
| (boxes 32 and 34 of your 2024 T4FHSA slips) | 68950 | + | 12 | |||||||||||
| Line 11 plus line 12 | = | ► | 13 | |||||||||||
| Total designated transfers from your FHSAs to your RRSPs or RRIFs | ||||||||||||||
| in 2023 (from your 2023 NOA/NOR or Form T1028 for 2024) | 14 | |||||||||||||
| Total designated transfers from your FHSAs to your RRSPs or RRIFs | ||||||||||||||
| in 2024 (box 36 of your 2024 T4FHSA slips) | 68955 | + | 15 | |||||||||||
| Line 14 plus line 15 | = | ► | 16 | |||||||||||
| Line 13 minus line 16 | Net RRSP-to-FHSA transfer amount | = | 17 | |||||||||||
| Amount from line 11 | 18 | |||||||||||||
| Amount from line 14 | – | 19 | ||||||||||||
| Net RRSP-to-FHSA transfer amount for 2023: | ||||||||||||||
| Line 18 minus line 19 | = | 20 | ||||||||||||
| Enter whichever is less: amount from line 20 or $8,000. | – | 21 | ||||||||||||
| Line 17 minus line 21 | = | 22 | ||||||||||||
| Amount from line 10 | 23 | |||||||||||||
| Amount from line 22 | – | 24 | ||||||||||||
| Line 23 minus line 24 (if negative, enter "0") | = | 25 | ||||||||||||
| Enter whichever is less: | ||||||||||||||
| amount from line 7 or line 25. | Annual FHSA limit for 2024 | 26 | ||||||||||||
| 5000-S15 E (24) | (Ce formulaire est disponible en français.) | Page 2 of 3 | ||||||||||||
| Protected B when completed | ||||||||||||||
| Step 3: Calculate your FHSA deduction and unused FHSA contributions available to deduct | ||||||||||||||
| in future years | ||||||||||||||
| Annual FHSA limit from line 26 of the previous page | 27 | |||||||||||||
| Your annual FHSA limit for 2023 (from your 2023 NOA/NOR or Form T1028 for 2024) | + | 28 | ||||||||||||
| Line 27 plus line 28 | = | 29 | ||||||||||||
| Your FHSA deduction for 2023 (from your 2023 NOA/NOR or Form T1028 for 2024) | – | 30 | ||||||||||||
| Line 29 minus line 30 | = | 31 | ||||||||||||
| Lifetime FHSA limit | 32 | |||||||||||||
| Your FHSA deduction for 2023 from line 30 | – | 33 | ||||||||||||
| Line 32 minus line 33 | = | 34 | ||||||||||||
| Net RRSP-to-FHSA transfer amount from line 17 of the previous page | – | 35 | ||||||||||||
| Line 34 minus line 35 (if negative, enter "0") | = | 36 | ||||||||||||
| Enter whichever is less: | ||||||||||||||
| amount from line 31 or line 36. | Maximum FHSA deduction available for 2024 | 37 | ||||||||||||
| Your unused FHSA contributions available to deduct in future years | ||||||||||||||
| (from your 2023 NOA/NOR or Form T1028 for 2024) | 38 | |||||||||||||
| Amount from line 3 of the previous page | + | 39 | ||||||||||||
| Line 38 plus line 39 | = | 40 | ||||||||||||
| Amount from line 6 of the previous page | – | 41 | ||||||||||||
| Line 40 minus line 41 | = | 42 | ||||||||||||
| Enter the FHSA contributions you are deducting for 2024 (cannot be more than the amount on line 37). |
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| Enter this amount on line 20805 of your return. | FHSA deduction for 2024 | – | 43 | |||||||||||
| Your unused FHSA contributions available | ||||||||||||||
| Line 42 minus line 43 | to deduct in future years | = | 44 | |||||||||||
| Note: If you have an excess FHSA amount or contributed some or all of your unused FHSA participation room, you may not be able to fully deduct your unused FHSA contributions in future years. For more information, go to canada.ca/contribute-transfer-too-much-fhsa. |
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| Step 4: Did you make a qualifying withdrawal from your FHSA? | ||||||||||||||
| Complete this part if you withdrew from your FHSAs to buy or build a qualifying home. For more information about making qualifying withdrawals, go to canada.ca/withdrawals-transfer-out-fhsa. |
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| Total amount of qualifying withdrawals made in 2024 (box 20 of your 2024 T4FHSA slips) | 68960 | 45 | ||||||||||||
| Tick this box if the address on page 1 of your return is the same as the address of the home | ||||||||||||||
| that you bought or built under the FHSA. | 68965 | |||||||||||||
| See the privacy notice on your return. | ||||||||||||||
| 5000-S15 E (24) | (Ce formulaire est disponible en français.) | Page 3 of 3 | ||||||||||||