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First Home Savings Account

First Home Savings Account door mat

As part of the Government’s housing plan one of the proposed measures in the 2022 federal budget was to allow Canadians to have the opportunity to start a new registered plan that can help you save for your first home tax-free. In Spring 2023 banks will roll out this savings account which is tax-free in and tax-free out.

This new savings account will give first time home buyers the ability to save for a downpayment on their first home tax free.  The details are as follows:

  • Save up to $40,000 tax free for you first home
  • Annual tax-deductible contribution limit is $8,000
  • Contribute tax-free for up to 15 years
  • Carry forward any unused contribution room from prior years as long as you have the account open
  • Potentially reduce your tax bill
  • Pay no taxes on any investment earnings

Starting April 1st, 2023 the account is available at Canadian banks.

To get started on the home buying process click here: