Overview

When you file your tax return, you may need to complete Schedule 15, FHSA Contributions, Transfers and Activities. This schedule helps you calculate your First Home Savings Account (FHSA) deduction and track unused contribution room for future years. Schedule 15 also lets the CRA know when you’ve opened your FHSA.

You must complete Schedule 15 if any of the following situations applied to you during the tax year:

• You opened your first FHSA
• You made contributions to your FHSAs
• You made a qualifying, designated, or taxable withdrawal
• You made a designated transfer
• You're claiming an FHSA deduction
• You became a successor holder of an FHSA
• You transferred property from your Registered Retirement Savings Plans (RRSPs) to your FHSAs

If you didn't open an account, make a contribution, or make a withdrawal during the year, you don't need to complete Schedule 15.

Reporting a new FHSA

If you opened your first FHSA during the tax year, you’ll need to notify the CRA:

1. Log in to your Wealthsimple profile
2. Select Tax from the product options
3. Choose a tax profile
4. Navigate to the Other stuff we have to ask section
5. Find the question: "Did you open your first First Home Savings Account (FHSA) in [YEAR]..."
6. Select Yes

When you review Schedule 15 in the Documents section, you’ll see box 68930 on your Schedule 15 with a checkmark.

Reporting FHSA activities

If you made a contribution or a withdrawal, you'll receive a T4FHSA tax slip from your financial institution. You can add this information to your return in two ways:

1. Log in to your Wealthsimple profile
2. Select Tax from the product options
3. Choose a tax profile
4. In the FHSA Contributions & Income section, use your Notice of Assessment from the prior year to fill out this section.
5. If you have a T4FHSA to enter and your slip is available in your CRA My Account, you can use Auto-fill to import your data automatically.
6. If you have a T4FHSA to enter and your slip isn’t yet available in your CRA My Account, you can enter it manually in the FHSA Contributions & Income section, under T4FHSA: FHSA Statement in Wealthsimple Tax.

Frequently asked questions