Learn how to contribute or transfer into your client's First Home Savings Account (FHSA).
How much you can contribute or transfer
Your FHSA participation room for the year is the maximum amount that you may contribute or transfer to your FHSAs in the year without creating an excess FHSA amount.
Your FHSA participation room in the year you open your first FHSA is $8,000
The lifetime FHSA limit =$40,000
Reporting contributions and transfers in your FHSAs
Your FHSA issuer will give you a T4FHSA slip, First Home Savings Account Statement showing the total amounts you contributed to your FHSAs in box 18, the total amounts you transferred from your RRSPs to your FHSAs in box 32, and the total amounts you transferred from your spousal RRSPs to your FHSAs in box 34.
How to submit the request.
Search for client contact in the HubSpot Search bar, open client contact card and find the client’s CRM Contact Record page.
From the client's contact record, start by navigating into the Servicing (Service Request) tab, which is found in the middle panel of the contact record.
Then click on Cash and Security Management.
Step 1:
- Select Add Funds
Step 2:
- Select the contribution type
- EFT-In
- Contribute from Investment Account
- Initiate a transfer
Step 3:
- Select the FHSA
Based on the Request type selected in step 2, the next steps will vary.
Initiate a transfer
Step 4:
- Enter the details of the relinquishing institution
- Attach a signed NBIN-T04 Transfer Authorization for Registered Investments form.
EFT-In
Step 4:
- Select the Bank account you would like to EFT-In from
Step 5:
- Enter the amount
- Review the Details
- Submit the request
Contribute from Investment Account
Step 4:
- Select the Account that will be contributing the funds
Step 5:
- Specify the Amount type
- Full or Partial
- Specify the source of funds
- Model or All
Step 6:
- Specify the amount
- Review the details of the request
- Submit the request.
