How do I enter an FHSA and use it for a future home purchase?

Add the FHSA in ACCOUNTS and INVESTMENTS with its account holder and actual or planned opening date. Enter cumulative contributions and transfers toward its lifetime limit; that total is different from today’s investment balance. Continue to enter the holdings.

Before a TIME MACHINE run, enter the holder’s current FHSA room and any contribution not yet claimed when prompted. Update the room for transactions made since the figure on your records was calculated. Deposits can be planned in AUTOMATIC SAVINGS and WITHDRAWALS.

To model a qualifying home purchase, add the future principal residence in REAL ESTATE and associate the FHSA with it. The projection uses the account toward that property’s down payment. An FHSA can be associated with only one future property; review the association after changing the purchase plan.

If it is not used for a home purchase, the projection applies its modelled closing-period treatment, including a transfer to an available RRSP/RRIF of the holder or a taxable withdrawal. Check the account Help for the supported rules and the purchase-year warnings for the amounts actually used.