Line 20805 - FHSA deduction
Line 20805 - FHSA deduction
The first home savings account (FHSA) is a 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.
Complete Schedule 15, FHSA Contributions, Transfers and Activities, to calculate your FHSA deduction and any unused FHSA contributions available for future years, Also complete this schedule to let the CRA know that you opened an FHSA or became a successor holder in 2024.
For more information about FHSAs, go to canada.ca/fhsa.
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