Hugh Campbell Posted February 12 Report Share Posted February 12 Warning given saying I’m prevented from filing online because I haven’t reported whether I have a first home savings plan can’t find were to do this tax department said schedule 15 but no sign of it Quote Link to comment Share on other sites More sharing options...
Maggie3 Posted February 12 Report Share Posted February 12 Hello Hugh Campbell, If you do not have an FHSA, then simply ignore the warning. It is only meant as a reminder. If you do have a FHSA, then please follow the steps below: General information on FHSA The FHSA is a tax-free savings account that lets you open an account and contribute up to $8,000 per year. FHSA contribution lifetime limits allow you to contribute up to $40,000 for your first home. If you don't contribute the max $8,000 for one year, the remaining amount (called your FHSA carryforward) carries over to the next year subject to the maximum carryforward amount of $8,000. Your FHSA account will remain open for 15 years or until you turn 71, whichever happens first. If you don't use it for a home, — you can do a tax-deferred transfer to your RRSP or RRIF. Who can contribute? Prospective first-time homeowner Canadian resident You have to be at least 18 or 19 years of age (depending on your province or territory) You or your spouse can't own a home in which you lived, at any time in the year the account is opened or during the previous four calendar years When you contribute to an FSHA, you will receive a T4(FSHA) tax slip from your financial institution. To enter your T4(FHSA) slip into your tax return, please follow the steps below: 1.In the “Interview” section, click on the “Interview setup” page on the left side of the screen. 2.On the “Interview setup” page, scroll down until you see the option: “Pension income, other income and split pension income, COVID-19 benefits (T4A, T4FHSA, T4A(OAS), T4A(P), T4A-RCA, T4RSP, T4RIF, T1032)”. 3.Place a check mark next to it and click the blue radio button, and the page will jump directly to the “T4A, T4FHSA, Pension and retirement income” page. 4.On the “T4A, T4FHSA, Pension and retirement income” page, select “T4FHSA – Firest home savings account statement” NEW. 5.Enter your information from the slip onto the page. 6.Click “Next” at the bottom of the screen to continue. 7.Return to the left side column of the screen and scroll down till you see the page “HBP, LLP, FHSA, and other plans and funds”. 8.On the “HBP, LLP, FHSA and other plans and funds “ page, select “FHSA informations, limit” and fill in the page. 9.The deduction will appear on Federal line 20805. Note: If you wish to limit the deduction of your contribution, add the amount to deduct on the second line. The remainder will be carried forward to use next year. Keep in mind that the carry forward plus the yearly contribution cannot exceed $8000. Leave the third line blank until you have withdrawn money from the T4FHSA to purchase a qualifying home. For more information on this topic, please refer to the link below to the Canada Revenu Agency. https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/first-home-savings-account/application-package.html Quote Link to comment Share on other sites More sharing options...
ZaidenDickson Posted February 13 Report Share Posted February 13 On 2/13/2024 at 3:18 AM, Maggie3 said: Hello Hugh Campbell, If you do not have an FHSA, then simply ignore the warning. It is only meant as a reminder. If you do have a FHSA, then please follow the steps below: General information on FHSA The FHSA is a tax-free savings account that lets you open an account and contribute up to $8,000 per year. FHSA contribution lifetime limits allow you to contribute up to $40,000 for your first home. If you don't contribute the max $8,000 for one year, the remaining amount (called your FHSA carryforward) carries over to the next year subject to the maximum carryforward amount of $8,000. Your FHSA account will remain open for 15 years or until you turn 71, whichever happens first. If you don't use it for a home, — you can do a tax-deferred transfer to your RRSP or RRIF. Who can contribute? Prospective first-time homeowner Canadian resident You have to be at least 18 or 19 years of age (depending on your province or territory) You or your spouse can't own a home in which you lived, at any time in the year the account is opened or during the previous four calendar years When you contribute to an FSHA, you will receive a T4(FSHA) tax slip from your financial institution. To enter your T4(FHSA) slip into your tax return, please follow the steps below: 1.In the “Interview” section, click on the “Interview setup” page on the left side of the screen. 2.On the “Interview setup” page, scroll down until you see the option: “Pension income, other income and split pension income, COVID-19 benefits (T4A, T4FHSA, T4A(OAS), T4A(P), T4A-RCA, T4RSP, T4RIF, T1032)”. 3.Place a check mark next to it and click the blue radio button, and the page will jump directly to the “T4A, T4FHSA, Pension and retirement income” page. 4.On the “T4A, T4FHSA, Pension and retirement income” page, select “T4FHSA – Firest home savings account statement” NEW. 5.Enter your information from the slip onto the page. 6.Click “Next” at the bottom of the screen to continue. 7.Return to the left side column of the screen and scroll down till you see the page “HBP, LLP, FHSA, and other plans and funds”. 8.On the “HBP, LLP, FHSA and other plans and funds “ page, select “FHSA informations, limit” and fill in the page. 9.The deduction will appear on Federal line 20805. Note: If you wish to limit the deduction of your contribution, add the amount to deduct on the second line. The remainder will be carried forward to use next year. Keep in mind that the carry forward plus the yearly contribution cannot exceed $8000. Leave the third line blank until you have withdrawn money from the T4FHSA to purchase a qualifying home. For more information on this topic, please refer to the link below to the Canada Revenu Agency. https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/first-home-savings-account/application-package.html I am also facing the same warning and want to get rid of it. So, I was searching for the solution online and I am glad to find your post with the answer. Also, I was curious how much tax do you need to pay when playing online casino Manitoba? Iread review on this topic and I know that online gambling is legal in Manitoba casinos, with provincial authorities deciding on both online and offline gambling approaches. Offshore licenses are valid, unlike the US. It would be interesting to learn more about tax side. Thanks for answering, I will keep it in my mind. If I want to know more, I will as by starting my own thread. Edit: My problem is resolved. Quote Link to comment Share on other sites More sharing options...
JS2 Posted February 15 Report Share Posted February 15 I'm getting the same warning and it will not let me file. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted February 15 Report Share Posted February 15 Hello JS2, This message is mandated by the CRA as the there is a new program in place this year (FHSA - First Home Savings Account) and the CRA wants people to know that if they opened a FHSA, they must enter it into their tax return. If you opened a FHSA, then enter it into your tax return. If you did not open a FHSA, then simply ignore it. You cannot NetFIle a 2023 tax return as the government filing opens February 19, 2024. Quote Link to comment Share on other sites More sharing options...
Dagen Posted March 8 Report Share Posted March 8 How do you get passed the FHSA question. I am not able to netfile because of this. Thank you Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 8 Report Share Posted March 8 Hello Dagen, If you opened a FHSA, then enter it into your tax return. If you did not open a FHSA, then simply ignore it Quote Link to comment Share on other sites More sharing options...
TL61 Posted March 21 Report Share Posted March 21 I'm getting this warning but do not understand or see where I am to enter the date; can you help??? A T4FHSA slip - First home savings account statement have been entered. You have to indicate if you opened one or more FHSA in {YYYY}. Quote Link to comment Share on other sites More sharing options...
TL61 Posted March 21 Report Share Posted March 21 Found it Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 21 Report Share Posted March 21 Hello TL61, Glad to hear it. Quote Link to comment Share on other sites More sharing options...
FHCRA Posted April 7 Report Share Posted April 7 We did not open a FHSA. Ignored the warning, and pushed for filing. UFile would not file our return and the warning came back. Where to indicate that we do not have FHSA account. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 7 Report Share Posted April 7 Hello FHCRA, You can ignore it and proceed with the tax return if you do no have a FHSA. It will not prevent filing. You should also Update UFile *Settings (upper right hand corner) Tax return counter... Check for updates... < = = HERE Register EFILE-NetFiIe setup RRSP Calculator Retirement Planner [Check for updates] [x] Check for updates automatically Quote Link to comment Share on other sites More sharing options...
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