Line 20805 – FHSA deduction

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 can be used to reduce your tax.

The contribution period for your FHSAs is the calendar year January to December. You cannot use any contributions that you made in 2024 as an FHSA deduction on your 2023 return.

For more information about FHSAs, go to First Home Savings Account (FHSA).

Completing your tax return

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

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