What is Form T4FHSA?
Form T4FHSA, the First Home Savings Account Statement, is issued by banks or financial institutions to Canadians who contributed to a First-Home Savings Account (FHSA) during the previous year. This important document details the total contributions made to your FHSA and is essential for reporting these activities on your income tax and benefit return. By using this form, you can accurately report your FHSA contributions to the Canada Revenue Agency (CRA), ensuring compliance with tax regulations and enabling you to claim any eligible deductions.
What is Form T4FHSA used for?
Form T4FHSA is essential for managing your First Home Savings Account. Here’s what it tracks:
- Contributions: Monitors the money you put into your FHSA.
- Withdrawals: Records money taken out, excluding qualifying withdrawals.
- Transfers: Details transfers from RRSPs or spousal RRSPs into your FHSA.
- Designated Amounts: Lists amounts transferred to adjust excess FHSA holdings.
- Tax Deductions: Shows income tax taken from your withdrawals.
- Security for Loans: Reports the value of FHSA assets used as loan collateral.
How to fill out Form T4FHSA?
- 1
Enter the recipient’s last name, first name, and initial(s) without titles.
- 2
Include the province or territory and postal code in the address field.
- 3
Input the four digits of the calendar year being reported.
- 4
Fill in Box 12 with the recipient’s Social Insurance Number or nine zeroes if not provided.
- 5
Enter the unique FHSA contract number in Box 14.
- 6
Report contributions in Box 18 as the amount contributed in Canadian dollars and cents.
- 7
Document the qualifying withdrawals in Box 20 in Canadian dollars and cents.
Who is required to fill out Form T4FHSA?
The groups responsible for completing Form T4FHSA are issuers of First Home Savings Accounts (FHSAs). They must report contributions and withdrawals to the Canada Revenue Agency (CRA) annually.
The recipients of the T4FHSA slips are the FHSA holders. They use these slips to report their contributions and withdrawals on personal tax returns, ensuring accurate income and deduction documentation.
When is Form T4FHSA not required?
Form T4FHSA is not required if you do not withdraw funds from your First Home Savings Account (FHSA) in the year. You also do not need it if you do not qualify for an FHSA, such as being a non-resident of Canada or not being a first-time homebuyer.
When is Form T4FHSA due?
The deadline for Form T4FHSA is the last day of February following the calendar year it applies to. If February ends on a Saturday or Sunday, the form is due the next business day. Make sure to mark your calendar to avoid any late submissions!
How to get a blank Form T4FHSA?
To get a blank Form T4FHSA, simply visit our platform. This form is issued by the bank or broker that manages your First Home Savings Account for the Canada Revenue Agency. PDF Guru allows you to fill out the form and download it, but remember, we do not assist with filing.
Do you need to sign Form T4FHSA?
No, you do not need to sign Form T4FHSA. This form is used by the issuer to report contributions and withdrawals to the Canada Revenue Agency (CRA). However, it's always a good idea to check for the latest updates regarding any requirements. With PDF Guru, you can fill out the form, download it for your records, and take care of any additional steps outside our platform.
Where to file Form T4FHSA?
The T4FHSA form must be filed electronically, so there’s no need for a paper copy. Check the Canada Revenue Agency (CRA) website for filing options.
If someone cannot file electronically, provide two paper copies. These must be submitted in person or mailed by the last day of February following the applicable calendar year.
