17th, Aug 2023

Immigration Minister announced tax-free accounts to help Canadians achieve home ownership faster

On August 11, 2023, the Minister of Immigration, Refugees and Citizenship Canada (IRCC), Marc Miller, announced the tax-free First Home Savings Account for Canadians, aimed at helping first-time home buyers.

The account allows Canadians to contribute up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment within 15 years.

Contributions are tax-deductible, and withdrawals, including investment income, are non-taxable if used to purchase a first home.

Since April 1, 2023, seven financial institutions have already started offering the account, with more to follow.

#IRCC, #Miller, #housing, #First_Home_Savings_Account




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