Line 12906 – Taxable FHSA income – other
Other taxable first home savings account (FHSA) income includes amounts you must report as income for the year, such as:
- taxable distributions you received in the year as a beneficiary of an FHSA upon the death of an FHSA holder
- the fair market value of any property:
- in an FHSA that was used as security for a loan
- that remains in a deceased holder’s FHSA at the end of the exempt period you are entitled to as a beneficiary
Completing your tax return
Enter the total of the following amounts on line 12906 of your return:
- Box 24 of all T4FHSA slips
- Box 28 of all T4FHSA slips
- Box 26 of your T4FHSA slip if the amount you were deemed to have received when the FHSA ceased relates to an FHSA that you were entitled to as a beneficiary
Note
If property in an FHSA ceases to be used as security for a loan, you may be able to deduct an amount in that year. Enter your deduction (amount shown in brackets on your slip) on line 23200 of your return.
For more information about FHSAs, including beneficiary entitlements and the exempt period, see First Home Savings Account (FHSA).