Canada Immigration News from the CIC press release released on 11/08/2023. Minister Miller highlights new tax-free first home savings account
Good day ladies and gentlemen, this is IRC news and I am Joy Stephen, an authorized Canadian Immigration practitioner bringing out this special edition of Immigration news from CIC press release, . This news was released by the government on 11/08/2023. I am coming to you from the Polinsys studios in Cambridge, Ontario. Today is the 16/08/2023
As house prices have climbed, saving for a down payment is out of reach for many Canadians, particularly young people. Today, the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, shared how the new tax-free First Home Savings Account is available and helping put home ownership back within reach of Canadians across the country.
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). Like a TaxFree Savings Account, withdrawals to purchase a first home, including any investment income on contributions, are non-taxable. Tax-free in; tax-free out.
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