The new tax-free First Home Savings Account is a registered savings account that helps Canadians become first-time home buyers by contributing up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment, within 15 years. To help Canadians reach their savings goals, First Home Savings Account contributions are tax deductible on annual income tax returns, like a Registered Retirement Savings Plan (RRSP). And, like a Tax-Free Savings Account (TFSA), withdrawals to purchase a first home—including any investment income on contributions—are non-taxable. Tax-free in; tax-free out.
As of today, First Home Savings Accounts are available at seven financial institutions, and more are set to offer First Home Savings Accounts soon.
“Our government believes that everyone should have an affordable place to call home, and we are focused on building more homes and making housing more affordable across the country. For too many Canadians, saving for that first down payment seems impossible and out of reach. That is why we promised and are delivering on the new tax-free First Home Savings Account—a key part of our plan to put homeownership back within reach of Canadians and to help Canadians save for their first home.”
– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“For too many Canadians the dream of owning their first home is slipping further out of reach. That’s why our government is introducing the First Home Savings Account, a tax-free account for aspiring homeowners to save for the home of their dreams. This initiative is a testament to our government’s commitment to help families find and afford a safe place to call home.”
– The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“As we emerge from the global inflation crisis, Canadians are seeing the signs of economic recovery and are saving to buy their dream home through the new First Home Savings Account. Tens of thousands of young Canadians are already taking advantage of this new tax-free way to put aside money to build their future. This game-changing way to invest will allow more young Canadians to become homeowners, while leaving more money in their pockets.”
– The Honourable Marci Ien, Minister for Women and Gender Equality and Youth
“Canadians can now reach their goal of home ownership quicker through the tax-free First Home Savings Account. By opening up an account, Canadians can save up to $8,000 tax-free each year and make their money go further. In combining measures that help put homeownership within reach, like the First Home Savings Account, with a strategic and economic immigration approach, the federal government is making housing more affordable and bringing in the skilled workers required to build more homes. With provinces needing workers to meet housing demands and the home building sector facing immense challenges in acquiring talent, it is crucial for immigration to be factored into the overall approach as newcomers are an undeniable part of the solution.”
– The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship
Please Visit Our Sponsors
What if you could achieve that holistic success – thriving business 👩🏻💻, a happy family, an energized body – without losing your sanity? Click Here
At “Living well with Geeta” I work with women experiencing hormonal imbalances and gut issues with an approach to identify the root cause of the specific conditions. Click here for a free look at your health and diet.
Is your website in compliance with Google’s best practices? Have you taken a detailed look at your website on mobile? Click here for an evaluation of your website.
Reset Your Vibe Coach & Spiritual Intuitive CRYSTALLIZE YOUR VISION
You’re Ready To Grow Your Business You Need To Increase Internal Capacity You Want To Train Your Team
Discover If Your Face Matches Your Message
