Canadians looking to save a down payment to buy their first home will have a new tax-free savings account to use starting next year.
The federal government announced the Tax-Free First Home Savings Account in the budget Thursday as well as a doubling of the first-time homebuyers' tax credit to up to $1,500 in an effort to make it a little easier to buy a home.
The accounts will have a $40,000 lifetime limit on contributions and an annual contribution limit of $8,000. Unused annual contribution room will not be carried forward. “What first-time homebuyers are struggling with right now is to accumulate sufficient capital for a down payment,” Laberge says. “It is a very strong no-tax vehicle that will actually help Canadians who are trying to save for a down payment,” Laird says.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CTV National News: Feds’ ban on foreign homebuyersThe 2022 federal budget will propose a two-year ban on foreign homebuyers as part of a $10-billion housing plan. Joyce Napier reports.
Read more »
Feds try to avoid Australian pitfalls in online news billThe Canadian government says it has learned from Australia's experience when it comes to requiring online giants to pay news outlets to use their journalism, and has framed its bill to avoid the country's pitfalls.
Read more »
Feds try to avoid Australian pitfalls in online news billThe Canadian government says it has learned from Australia's experience when it comes to requiring online giants to pay news outlets to use their journalism, and has framed its bill to avoid the country's pitfalls.
Read more »
Feds' impending Bay du Nord decision one to watchIt will be the first major decision on a future resource development project since the new federal emissions plan was announced.
Read more »
Feds under fire for deferring decision to declare China’s actions against Uyghurs as genocideA Global Affairs legal adviser told the House Foreign Affairs Committee that an international court or tribunal 'must' declare whether a genocide has taken place, but international law experts disagree.
Read more »
Housing affordability, Canada’s green transition key budget planks as feds’ fiscal plan addresses ‘uncertain world’BUDGET 2022: Housing affordability, Canada’s green transition key budget planks as feds’ fiscal plan addresses ‘uncertain world’, by samanthawrights cdnpoli (unlocked)
Read more »