Line 20805 - FHSA deduction NEW!
Line 20805 - FHSA deduction NEW!
The first home savings account (FHSA) is a new registered plan to help individuals save for their first home. Contributions to an FHSA are generally deductible and qualifying withdrawals made from an FHSA to purchase a qualifying home are tax-free.
If you opened one or more FHSAs in 2023, complete Schedule 15, FHSA Contributions, Transfers and Activities, to calculate your FHSA deduction and enter the result on line 20805 of your return.
For more information about FHSAs, go to canada.ca/fhsa.
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