FHSA - Schedule 15 (T1 Return)

T1
1

Not to be mistaken with the infamous T3 Schedule 15.

I had advised several of my younger clients to open FHSA accounts in 2023 regardless of whether they actually made a contribution in 2023. Opening the account would allow for the carryover of unused contribution room.

I notice that Step 1 on the T1 Schedule 15 (field 68930) asks if the client opened a FHSA in 2023 (regardless of whether they made a contribution). TaxCycle does not flag this or provide any type of diagnostic. I suppose it would likely be annoying if there was a diagnostic for every single client.

What TaxCycle could do however, is put a checkmark in box 68930 if a 2023 T4FHSA slip was downloaded and imported via AFR even if there is no amount in box 18.

Iā€™m not sure how important it is in the grand scheme of things to have this box checked if a FHSA was merely opened in 2023 without any contributions.(ie whether not checking the box could potentially mess up the carryover of unused contribution room).

I just thought that tax preparers might want to be aware to check the box on Schedule 15 if a FHSA was simply opened in 2023.

2

You have to keep in mind though that the FHSA needs to be closed on the 15th anniversary of opening your first FHSA. When you advise someone to open up a FHSA at 18, are they ready to buy a house at 33? Not everybody is.

3

There will be a new tool available by then or something to roll it into.

1 Like
4

After 15 years you just roll it into an RRSP without using up your contribution room. An extra (up to) $40k in RRSP contributions.