A tax-free savings account is coming for new home buyers. What you need to know

with a suite of proposals. Along with money for new home construction, curbs on speculation and foreign buyers, the Liberal budget also outlined the Tax-Free First Home Savings Account , which aims to help would-be homeowners under age 40 purchase their first home. Here’s what is included in the new program.Starting in 2023, first-time home buyers would be able to save up to $40,000 in a new account.

contribution limit for the FHSA would not carry forward. You can hold multiple FHSAs, but combined contributions cannot exceed yearly or maximum limits. As with a tax-free savings account , withdrawals to purchase a new home would be tax-free. Investment growth inside the account would also be tax-free.

If the funds in the FHSA are not used within 15 years of first opening the account, the account will have to be closed and the unused savings must be shifted to an RRSP or RRIF, or withdrawn on a taxable basis.A great deal of emphasis in the budget – and billions in new spending – is aimed at housing affordability. The typical home price in Canada

has skyrocketed 51 per cent in just the past two years, fuelled partly by speculators and record-low mortgage rates that are now headed upward.

It’s really not enough.

Did they even ask young homebuyers what they need? Because this isn't it......

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Budget 2022: Tax-free savings account coming for first-time home buyers - National | Globalnews.caThe 2022 federal budget had a host of housing announcements, including a new tax-free savings account for first-time buyers and plans to ramp up the pace of building. I don't have the Xtra 💵💵💵 after all the high costs of expenses so? 💩💩💩💩
Source: GlobalNational - 🏆 81. / 51 Read more »

Federal budget to include ban on foreign home buyers, billions for housingIn order to make Canada a truly great country the budget needs to include: Universal healthcare (mental, dental, vision) UBI Housing as a right Massive investments in green energy Free postsecondary Fair taxation for billion dollar corporations & the extremely wealthy. It might peeve off some of the high rollers but if Canada is your first choice for a nation like mine then it is the right choice. Lets roll around in our beautiful nations wealth and resources not starve half our nation. There’s never been a government housing project that wasn’t riddle with fraud, poor building quality and extra costs. I’ve got a loonie says not one single unit is ever completed. It’s so obvious.
Source: CTVNews - 🏆 1. / 99 Read more »