FHSA tax slip (T4FHSA): what it is and how to report it on your tax return

The T4FHSA, formally known as the First Home Savings Account Statement, is an information slip required for FHSA tax reporting. Financial institutions such as banks, credit unions, brokerages, and trust companies prepare and file the slip annually with the Canada Revenue Agency (opens in a new tab) (CRA) and provide a copy to the account holder.

The FHSA tax slip may report:

• FHSA contributions

• Qualifying withdrawals

• Taxable withdrawals

• Transfers from a Registered Retirement Savings Plan (opens in a new tab) (RRSP) or spousal RRSP

• Designated transfers out of an FHSA

• Beneficiary distributions

• FHSA cessation amounts

• Income tax deducted

The information on the FHSA tax slip Canada is used to complete an FHSA tax return and calculate any available deduction room.

It is generally the account holder's responsibility to review the information on the slip and compare it with personal records. If an FHSA slip error is identified, the financial institution that issued the slip may need to provide a corrected or T4FHSA amended slip.

When will you receive your T4FHSA slip?

Financial institutions generally provide the FHSA tax slip by the last day of February following the tax year being reported. If the deadline falls on a weekend, it may move to the next business day.

Many investors receive the slip through one of the following methods:

• Secure online account portal

• Electronic document centre

• Regular mail

• the CRA My Account portal 

For those using certified tax software, the CRA's Auto-fill my return functionality may import the slip automatically after the issuer files it with the Canada Revenue Agency (CRA). This feature can reduce manual entry and help identify missing slips.

The exact timing may vary depending on the financial institution and processing schedules.

When you will not receive a t4 First Home Savings Account

Not every FHSA holder receives a T4FHSA each year.

Situations where a slip may not be issued include:

• An FHSA was opened, but no reportable transactions occurred during the year

• No contributions, withdrawals, or transfers were made

• The account holder was a non-resident and received different reporting documents

Even without a first home savings account tax slip, some individuals may still need to complete portions of FHSA Schedule 15. For example, opening a FHSA during the tax year may require reporting certain information to the CRA even when no contributions or withdrawals occurred.

If an investor believes an FHSA slip not received situation has occurred despite reportable transactions, the financial institution may be contacted directly. The issuer is generally responsible for preparing and distributing the slip.

T4FHSA box-by-box guide

The T4FHSA slip boxes provide details about different FHSA activities. Only boxes relevant to transactions that occurred during the year will contain amounts.

Box 18: FHSA contributions

T4FHSA box 18 reports total FHSA contributions made during the calendar year.

This amount is reported on Schedule 15 FHSA and may contribute to the available FHSA contribution deduction that can be claimed on Line 20805.

Even when a deduction is not claimed immediately, contributions generally still need to be reported on Schedule 15, so the deduction room can be tracked.

Box 20: qualifying withdrawals

T4FHSA box 20 reports qualifying withdrawals used to purchase or build a qualifying first home.

Amounts reported in this box are generally associated with tax-free withdrawals and are reported on FHSA Schedule 15.

Box 22: taxable withdrawals

Amounts reported in box 22 represent an FHSA taxable withdrawal.

These withdrawals may need to be included in income and reported on FHSA Line 12905 of the federal tax return.

Box 24: beneficiary distributions

This box reports amounts distributed to a beneficiary following the death of an FHSA holder.

The tax treatment may depend on the beneficiary's circumstances and applicable tax rules relating to an FHSA beneficiary distribution.

Box 26: fhsa cessation amount

This box reports an FHSA cessation amount, generally representing the fair market value of property in the account immediately before the account ceases.

Box 28: property used as security

This box reports the value of FHSA property used as collateral for a loan during the year.

Box 30: income tax deducted

Income tax withheld from taxable FHSA payments appears in this box.

Amounts reported here may be claimed on FHSA Line 43700 as tax already paid.

Box 32: transfers from Registered Retirement Savings Plan

The RRSP transfer FHSA box 32 amount reports transfers from an individual's RRSP to an FHSA.

These transfers may affect FHSA participation room but generally do not create a new deduction.

Box 34: transfers from a spousal RRSP

Amounts transferred from a spousal Registered Retirement Savings Plan to an FHSA are reported in this box and are generally reported on FHSA Schedule 15.

Box 36: designated transfers out

This box reports designated transfers from an FHSA to another eligible registered plan.

Box 38: designated withdrawals

Designated withdrawals are reported in this box and may require reporting on Schedule 15 FHSA.

How to use your T4FHSA slip step by step

After receiving a T4FHSA, the next step involves using the information reported on the slip to complete the required sections of a federal tax return.

Step 1: locating the slip

The FHSA tax slip may be available through:

• A financial institution's secure online portal

• Mailed tax documents

• FHSA CRA My Account

• Certified tax software using the CRA's Auto-fill my return functionality

Many investors review the slip against their account records before beginning the filing process.

Step 2: reviewing the populated boxes

Not every T4FHSA slip contains amounts in every box.

For example:

• Contribution-only activity may result in an amount appearing only in T4FHSA box 18

• Qualifying withdrawals may appear in T4FHSA box 20

• Transfers may appear in boxes 32, 34, or 36

Reviewing all reported amounts can help ensure information is entered correctly on the tax return.

Step 3: completing Schedule 15

Schedule 15 FHSA, officially known as FHSA Contributions, Transfers and Activities, is used to report FHSA activity during the year.

Amounts commonly entered include:

• Contributions from box 18

• Qualifying withdrawals from box 20

• Registered Retirement Savings Plan transfers from boxes 32 and 34

• Designated transfers from box 36

Completing FHSA Schedule 15 allows the CRA to calculate deduction room and track FHSA participation.

Step 4: calculating the FHSA deduction

The available FHSA deduction is determined through information reported on Schedule 15.

Eligible contributions may be claimed on Line 20805. In some situations, a taxpayer may choose to claim less than the available deduction and carry forward the remainder to a future year.

Step 5: reporting taxable amounts

If the slip includes taxable withdrawals or other taxable FHSA amounts, those amounts may need to be reported on the appropriate income tax return lines.

Examples include:

• FHSA Line 12905 for taxable withdrawals

• Line 43700 for income tax deducted

Schedule 15: what you need to know

Schedule 15 FHSA plays an important role in the first home savings account tax return process. The schedule tracks contributions, transfers, withdrawals, participation room, and available deductions.

Schedule 15 may be required when:

• A first FHSA was opened during the year

• Contributions were made

• Qualifying withdrawals occurred

• Taxable withdrawals occurred

• FHSA transfers were completed

• A taxpayer became a successor holder

Even when a contribution deduction is not claimed immediately, reporting contributions on Schedule 15 may help ensure available deduction room is tracked correctly.

Failure to complete the schedule accurately could result in differences between personal records and information reflected on a Notice of Assessment.

For Quebec residents, additional provincial reporting requirements may apply.

What if a T4FHSA slip has an error?

A discrepancy between the FHSA tax slip Canada and personal records may occur occasionally.

When an FHSA slip error is identified, the first point of contact is generally the financial institution that issued the slip.

Step 1: contacting the issuer

The issuer may request supporting documentation such as:

• Investment account statements

• Transaction confirmations

• Contribution records

• Withdrawal records

Step 2: requesting a corrected slip

If an error is confirmed, the issuer may file a T4FHSA amended slip with the CRA and provide an updated copy to the investment account holder.

Step 3: updating tax reporting

Once corrected information becomes available, taxpayers may update their tax filing if necessary.

If the original return was already submitted, an adjustment request may be required.

The CRA generally relies on information submitted by the issuer, which is why corrections typically originate with the financial institution rather than the CRA itself.

Quebec residents: the RL-32 slip

Quebec residents may receive both a federal T4FHSA and an RL-32 FHSA Quebec slip.

The RL-32 serves as the provincial reporting document for FHSA activities and may be required when completing a Quebec provincial income tax return.

While the information reported may be similar to the federal slip, the forms are separate documents and are generally entered separately in tax software.

Individuals who have not received an RL-32 by early March may wish to review their online account documents or contact their financial institution.

Conclusion: understanding your T4FHSA at tax time

The T4FHSA provides a summary of FHSA activity that may be relevant when completing a tax return. Information reported on the slip can help calculate an available FHSA deduction, report withdrawals, and complete Schedule 15 FHSA accurately. Reviewing the slip, confirming the amounts against personal records, and understanding which tax return lines apply may help ensure FHSA transactions are reported correctly. If discrepancies arise, the issuing financial institution may be able to provide clarification or corrections.