First Home Savings Account
The budget may contain details of the new tax-free First Home Savings Account, which would permit Canadians under 40 to save up to $40,000 towards their first home. Like a registered retirement savings plan contribution, the funds contributed to the account would generate a tax deduction, thus allowing a qualifying individual to effectively contribute up to $40,000 of their pre-tax income to the new plan.
The money could then compound and grow tax free inside the plan until you withdraw up to a maximum of $40,000, tax free. There would be no requirement to repay it, unlike amounts withdrawn from the current RRSP-based Home Buyers’ Plan. If the funds in the proposed new account are not used for a home purchase by the age of 40, they convert back to normal RRSP savings.Article content
It’s likely we’ll see the details of the new plan in the budget, with an expected launch date in 2023.
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