Highlights: Canada introduces new Tax-Free First Home Savings Account
- Canada’s new tax-free first home savings account will help in saving for a down payment.
- The account has a lifetime contribution limit of $40,000 (CAD).
- Contributions to the First Home Savings Account are tax-deductible, and withdrawals are tax-free.
- Canada aims to attract skilled professionals in construction occupations to immigrate to Canada.
- Canada aims to make housing more affordable and fill the labour shortage in home construction.
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All you need to know about the new Tax-Free Saving Account
The Government of Canada has announced a new tax-free first home savings account (FHSA) to help Canadians save for a down payment on their first home. The FHSA is a registered savings account which helps Canadians to contribute up to CAD 8,000 per year, with a lifetime limit of CAD 40,000.
The government aims to attract skilled professionals in construction occupations to immigrate to Canada. This will help to fill the labour shortage in the construction industry. It will help in making homes more affordable and will create more jobs in the construction industry.
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