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Posted

The interview section for HBP, LLP, FHSA etc allows you to enter the year the FHSA was opened and says "You must also enter the T4FHSA slip".  However after looking through the entire interview and the help section I cannot find any place to enter the T4FHSA.

Does anyone know how to enter this ?

Posted

Hello ChrisHanks,

When you contribute to an FSHA, you will receive a T4(FSHA) tax slip [as well as a Relevé 32 if you reside in Québec] from your financial institution. 
To enter your T4(FHSA) slip into your tax return, please follow the steps below: 

ENG: https://youtu.be/UK6hcnP0w_g
 
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 – First home savings account statement”  by clicking the little plus sign (+) to the right. 
5.On the "T4FHSA - First home savings account statement" page, enter your information from the slip onto the page. 
 image.png
6.Click “Next” at the bottom of the screen to continue.
7.Return to the left side column of the screen and click on the "Interview setup" page and scroll down till you see "RRSP, HBP, LLP, FHSA, other plans and funds (T5006)" and click on the blue button. The page will jump directly to the page  “HBP, LLP, FHSA, and other plans and funds”. 
8.On the “HBP, LLP, FHSA and other plans and funds “ page,  select “FHSA information, limit” and fill in the page. 

*Deduction on T1  Line 20805 – FHSA deduction
 image.png
 
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Leave the third line blank until you have withdrawn money from the T4FHSA to purchase a qualifying home. 
The deduction will appear on Federal line 20805.
 image.png
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 image.png
 
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
 
If you are a resident of Quebec, the deduction will appear on line 215 of your Quebec tax return.
 
For more information from the Revenu Québec website, please click on the link below:
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/how-to-complete-your-income-tax-return/line-by-line-help/201-to-260-net-income/translate-to-english-ligne-215-deduction-pour-celiapp/
 
https://www.revenuquebec.ca/en/online-services/forms-and-publications/current-details/rl-32-t/

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