What is a T4FHSA slip for?

A T4FHSA slip reports activity in your First Home Savings Account (FHSA) during the tax year. This includes designated qualifying withdrawals to buy your first home, non-qualifying withdrawals (taxable), and transfers to RRSP. The slip helps you complete your tax return and track your FHSA usage.

Do I get a tax slip for FHSA contributions?

Your FHSA contributions are tracked separately — you'll receive an FHSA contribution receipt from your financial institution, similar to an RRSP receipt. The T4FHSA slip is specifically for withdrawals and transfers out of your FHSA, not contributions.

Are qualifying FHSA withdrawals taxable?

No. Qualifying withdrawals used to purchase your first home are completely tax-free. This is the key benefit of the FHSA — contributions are tax-deductible going in, and withdrawals for a home purchase are tax-free coming out. It combines the best features of an RRSP and TFSA.

What happens if I withdraw from my FHSA but don't buy a home?

Non-qualifying withdrawals (not used for a home purchase) are fully taxable as income. The withdrawal amount appears on your T4FHSA and must be reported on your tax return. You lose both the tax deduction you originally claimed and receive taxable income.

Can I transfer my FHSA to my RRSP?

Yes. If you don't use your FHSA to buy a home, you can transfer the balance to your RRSP or RRIF tax-free (it doesn't use RRSP contribution room). This must be done before the end of the year you turn 71 or within 15 years of opening the FHSA, whichever comes first.

What is the difference between an FHSA qualifying withdrawal and HBP withdrawal?

FHSA qualifying withdrawals are completely tax-free with no repayment required. Home Buyers' Plan (HBP) withdrawals from your RRSP must be repaid over 15 years, or the unpaid amount becomes taxable income. You can use both programs for the same home purchase up to their respective limits.

T4FHSA Slip Explained Canada 2026: First Home Savings Account

The First Home Savings Account (FHSA) combines the best features of an RRSP and TFSA for first-time home buyers: contributions are tax-deductible, and qualifying withdrawals are completely tax-free. When you make a qualifying withdrawal to buy your first home, you’ll receive a T4FHSA slip documenting the tax-free amount. Unlike the Home Buyers’ Plan, FHSA withdrawals don’t need to be repaid. This slip is also issued for non-qualifying withdrawals (taxable) and transfers to your RRSP if you don’t end up buying a home.

What Is a T4FHSA Slip?

Feature	Details
Full name	Statement of First Home Savings Account (FHSA)
Issued by	Financial institution holding your FHSA
Reports	Qualifying withdrawals, non-qualifying withdrawals, RRSP transfers
Due date	Last day of February
Tax treatment	Varies by withdrawal type

How the FHSA Works

Before diving into the T4FHSA slip, here’s a quick overview of the FHSA:

Feature	Details
Annual contribution limit	$8,000
Lifetime limit	$40,000
Carry-forward room	Up to $8,000 unused room per year
Eligibility	First-time home buyer (no home ownership in past 4 years)
Tax deduction	Yes, like RRSP
Qualifying withdrawals	Tax-free
Account lifespan	15 years or age 71, whichever comes first

When You Receive a T4FHSA

You’ll receive a T4FHSA slip if you:

Situation	What’s Reported
Made a qualifying withdrawal	Tax-free amount for home purchase
Made a non-qualifying withdrawal	Taxable withdrawal amount
Transferred to RRSP/RRIF	Transfer amount (tax-free)
Account was closed/deregistered	Remaining value (may be taxable)

Note: You don’t receive a T4FHSA for contributions — those are tracked via FHSA contribution receipts (like RRSP receipts).

T4FHSA Boxes Explained

Key Boxes

Box	Description	Tax Treatment
16	Designated (qualifying) withdrawal	Tax-free
18	Taxable withdrawal	Fully taxable income
20	Designated transfer to RRSP/RRIF	Tax-free transfer
22	Undistributed income after death	Taxable to estate

Identification Boxes

Box	Description
12	Payer’s name (financial institution)
14	FHSA account number
24	Recipient’s SIN

Understanding Each Box

Box 16: Qualifying (Designated) Withdrawal

This is the tax-free withdrawal used to buy your first qualifying home.

Requirement	Details
Must be first-time buyer	No home ownership in past 4 years
Must buy qualifying home	Located in Canada, intent to occupy
Must occupy within 1 year	You must live in the home
Written agreement required	Have purchase agreement before withdrawing

Feature	Treatment
Taxable?	No — completely tax-free
Repayment required?	No (unlike HBP)
Report on return?	Yes, but as information only

Example: You withdraw $35,000 from your FHSA to help buy your first home. Box 16 shows $35,000. This amount is not included in your income.

Box 18: Taxable (Non-Qualifying) Withdrawal

If you withdraw without buying a qualifying home, the amount is fully taxable.

Situation	Tax Treatment
Changed your mind	Fully taxable
Don’t meet first-time buyer definition	Fully taxable
Home purchase falls through	May be able to recontribute
Account closes without home purchase	Taxable (unless transferred to RRSP)

Feature	Treatment
Taxable?	Yes — fully included in income
Where reported	Line 13000 (Other income)
Withholding	May have tax withheld at source

Example: You withdraw $10,000 and don’t buy a home. Box 18 shows $10,000. You must include this in your income and pay tax at your marginal rate.

Box 20: Transfer to RRSP/RRIF

If you don’t use your FHSA for a home purchase, you can transfer the balance to your RRSP or RRIF tax-free.

Feature	Treatment
Taxable?	No — tax-free transfer
Uses RRSP room?	No — doesn’t count against contribution limit
Deadline	Before account must close (15 years or age 71)

Why this matters: The transferred amount grows tax-deferred in your RRSP. When you eventually withdraw, it’s taxable — but you got the original FHSA deduction and years of tax-sheltered growth.

How to Report T4FHSA on Your Return

Qualifying Withdrawal (Box 16)

Line	Action
Schedule 15	Report qualifying withdrawal amount
No income inclusion	Amount is tax-free

Non-Qualifying Withdrawal (Box 18)

Line	Action
Line 13000	Include as other income
Line 43700	Claim any tax withheld

RRSP Transfer (Box 20)

Line	Action
Schedule 7	Report as direct transfer
No income inclusion	Tax-free
No RRSP room used	Doesn’t affect your limit

Qualifying vs Non-Qualifying Withdrawals

Feature	Qualifying	Non-Qualifying
Purpose	Buy first home	Any other reason
Tax treatment	Tax-free	Fully taxable
Repayment	None required	N/A
T4FHSA Box	Box 16	Box 18

Requirements for Qualifying Withdrawal

To receive tax-free treatment, you must meet all requirements:

Requirement	Details
First-time home buyer	You (and spouse) haven’t owned a home in 4+ years
Written agreement	Purchase agreement before or within 30 days of withdrawal
Location	Home must be in Canada
Occupancy	Must intend to occupy within 1 year of purchase
Qualifying home	House, condo, mobile home, share in co-op (Canadian)

FHSA vs Home Buyers’ Plan Comparison

You can use both the FHSA and HBP for the same home purchase:

Feature	FHSA	HBP
Source	FHSA account	RRSP
Maximum	$40,000 (lifetime)	$60,000
Tax on withdrawal	Tax-free	Tax-free
Repayment	Not required	Required over 15 years
If not repaid	N/A	Added to income
First-time buyer	Required to open	Required to use

Combined Strategy

Source	Amount	Total for Down Payment
FHSA	$40,000	$40,000
HBP (RRSP)	$60,000	$100,000
Combined		$100,000

Best approach: Use FHSA first (no repayment), then HBP if needed (must repay).

FHSA Contribution Receipts

While not on the T4FHSA, your contributions are tracked separately:

Document	Purpose
FHSA contribution receipt	From financial institution
Claim deduction	Line 20805 (FHSA deduction)
Unused deductions	Can carry forward indefinitely

Contribution Limits

Year	Annual Limit	Carry-Forward
2024	$8,000	Up to $8,000
2025	$8,000	Up to $8,000
2026	$8,000	Up to $8,000
Lifetime	$40,000	N/A

Example: You contribute $5,000 in 2025. You can contribute up to $11,000 in 2026 ($8,000 + $3,000 carry-forward), but the carry-forward is capped at $8,000 maximum.

Account Closure Rules

Your FHSA must be closed by the earliest of:

Trigger	Timeline
15 years after opening	Account closes
December 31 of year you turn 71	Account closes
After qualifying withdrawal	Close within 1 year

If Account Closes Without Home Purchase

Option	Tax Treatment
Transfer to RRSP/RRIF	Tax-free (no room used)
Withdraw	Fully taxable (Box 18)

Best practice: If you won’t buy a home, transfer to RRSP to preserve the tax benefit.

Common T4FHSA Situations

Successful Home Purchase

Step	Action
1	Sign purchase agreement
2	Request qualifying withdrawal from FHSA
3	Financial institution transfers funds
4	Receive T4FHSA with Box 16 amount
5	Report on Schedule 15 — no tax

Home Purchase Falls Through

Situation	Options
Already withdrew	May be able to recontribute within 60 days
Missed recontribution window	Withdrawal becomes taxable (Box 18)
Haven’t withdrawn yet	Keep funds in FHSA for future purchase

Transfer to RRSP

Step	Action
1	Request direct transfer to RRSP
2	Financial institution processes transfer
3	Receive T4FHSA with Box 20 amount
4	Report on Schedule 7 — no tax
5	Amount grows tax-deferred in RRSP

Death and FHSA

If the FHSA holder dies:

Beneficiary	Treatment
Spouse (successor holder)	Takes over FHSA, continues tax-deferred
Spouse (beneficiary)	Can transfer to their FHSA, RRSP, or receive taxable
Other beneficiary	Receives taxable distribution (Box 22)

Common Mistakes to Avoid

Mistake	Consequence
Withdrawing before purchase agreement	May not qualify as tax-free
Not closing account after purchase	Must close within 1 year
Missing the 15-year deadline	Forced closure, may be taxable
Not transferring to RRSP if no home	Withdrawal becomes taxable
Using HBP first	Requires repayment; use FHSA first

Tax Planning Tips

Maximize the FHSA Benefit

Strategy	Why
Open FHSA early	Start the 15-year clock
Contribute maximum	Maximize tax-free growth
Invest for growth	Unlike RRSP, no repayment required
Use before HBP	FHSA has no repayment requirement

If Home Purchase Is Uncertain

Situation	Strategy
Might buy, might not	Open FHSA anyway — can transfer to RRSP later
Timing uncertain	Keep contributing; account lasts 15 years
Won’t buy a home	Transfer to RRSP before deadline

FHSA Complete Guide — Everything about the First Home Savings Account
Home Buyers’ Plan — Using your RRSP for a down payment
First-Time Home Buyer Programs — All incentives and credits
FHSA vs RRSP HBP — Which to use first
Down Payment Calculator — How much do you need?