Mr. Speaker, with respect to the above-noted question, what follows is the response from the CRA.

The CRA receives all information about the first home savings account, FHSA, through T4FHSA slips filed by financial institutions. Only slips and returns that have been processed by the CRA are included in these statistics.

It is important to note that the CRA considers each separate FHSA contract to be an “account.” Because an individual can have multiple FHSA contracts, the information has been provided per FHSA holder. All figures relating to an “FHSA holder” are based on all FHSA contracts for that individual.

An active account is one where the account hasn’t been marked as closed or has been marked as closed but the financial institution reported a balance greater than zero.

The following responses are based on the information returns filed and as processed by the CRA when the statistics were produced. While the information for this response was compiled in April 2024, please note that the date for which the most recent data is available for parts (a) to (e) is December 31, 2023.

In response to part (a), as of December 31, 2023, there were 624,970 individuals with active FHSAs.

In response to part (b), as of December 31, 2023, the year-end fair market value of all active FHSAs was $2.37 billion.

In response to part (c), as of December 31, 2023, the average balance for all active FHSA holders was $3,792 and the median was $2,040.

In response to part (d), as of December 31, 2023, there were (i) 66,120 active FHSA holders whose total balance, across all of their accounts, was from $1,001 to $5,000; (ii) 272,340 active FHSA holders whose total balance, across all of their accounts, was from $5,001 to $10,000; (iii) 920 active FHSA holders whose total balance, across all of their accounts, was from $10,001 to $20,000; and (iv) 50 active FHSA holders whose total balance, across all of their accounts, was $20,001 or more.

In response to part (e), as of December 31, 2023, there were 194,220 active FHSA holders who had a taxable income of $53,359 or less; 154,400 active FHSA holders who had a taxable income from $53,360 to $106,717; 25,210 active FHSA holders who had a taxable income from $106,718 to $165,430; 5,250 active FHSA holders who had a taxable income from $165,431 to $235,675; and 2,290 active FHSA holders who had a taxable income of more than $235,675.

This information represents cases where the CRA was able to match the T4FHSA slip with an assessed T1 income tax and benefit return. This matching exercise was performed on April 20, 2024, before the general deadline for filing 2023 tax returns.

Marie-Claude Bibeau

$493,948.00