Save $40,000 on your first home in Canada

Highlights: Canada Government announced new tax-free First Home Savings Account

• Canada introduces tax-free First Home Savings Account to help Canadians to get home ownership.
• Account can contribute up to $8,000 (CAD) towards first down payment.
• The First Home Savings Account has a lifetime contribution limit of $40,000 (CAD).
• The account offers tax deductions on contributions and non-taxable withdrawals for first home purchase.
• Canada aims to fill the labour shortage by targeting skilled professionals in homebuilding occupations.

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About the First Home Savings Account (FHSA)

Canada Government has announced a new tax-free First Home Savings Account (FHSA). The account will help Canadians to contribute up to $8,000 towards a down payment within a 15-year. The account has a contribution limit of $40,000 (CAD) for a lifetime. The account offers tax deductions on contributions and non-taxable withdrawals for first home purchase.

The initiative was introduced in April 2023, and it intends to ease housing affordability for Canadians. It is currently available through seven financial institutions. Immigration, Refugees and Citizenship Canada (IRCC) have introduced measures to address the labour shortage in homebuilding occupations, offering permanent residency through Express Entry.

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