FHSA

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 the deceased person opened one or more FHSAs in 2023, complete Schedule 15, FHSA Contributions, Transfers and Activities, to calculate the deceased person’s FHSA deduction and enter the result on line 20805 of the deceased person’s return.

For more information about FHSAs and what happens when the FHSA holder dies, go to First Home Savings Account (FHSA).