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

https://finance.yahoo.com/news/minister-miller-highlights-tax-free-151700838.html

https://www.msn.com/en-ca/news/canada/freeland-touts-home-savings-account-as-part-of-housing-crisis-solution/ar-AA1f6tL1

https://krdo.com/news/2023/08/06/tens-of-thousands-of-canadians-taking-advantage-of-the-new-first-home-savings-account-rbc/