Most Canadian banks aren’t yet offering the tax-free First Home Savings Account, but the two major banks that have made the option available say demand is high, particularly among young Canadians.
, saying “tens of thousands” of accounts have been opened since April, a large majority of them held by Canadians under the age of 45 – numbers the bank said show “phenomenal early uptake.”
“A significant number of holders are placing the maximum amount, and they tend to be on the younger side of the population,” National Bank said in an emailed statement. The account combines some features from a Registered Retirement Savings Plan and Tax-Free Savings Account. Contributions are tax deductible and earnings within the account are tax-free with the condition that they are used for a home purchase once withdrawn.
More than a quarter of account holders, at 26 per cent, have contributed all or most of the maximum annual amount of $8,000, RBC said, and more than a quarter are contributing regularly to their accounts.
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First home savings account getting 'phenomenal' uptake since April launch: RBCRBC and National Bank say demand for the new tax\u002Dfree First Home Savings Account saving vehicle has exceeded expectations. Find out more.
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First home savings account getting 'phenomenal' uptake since April launch: RBCRBC and National Bank say demand for the new tax\u002Dfree First Home Savings Account saving vehicle has exceeded expectations. Find out more.
Lire la suite »
First home savings account getting 'phenomenal' uptake since April launch: RBCRBC and National Bank say demand for the new tax\u002Dfree First Home Savings Account saving vehicle has exceeded expectations. Find out more.
Lire la suite »
First home savings account getting 'phenomenal' uptake since April launch: RBCRBC and National Bank say demand for the new tax\u002Dfree First Home Savings Account saving vehicle has exceeded expectations. Find out more.
Lire la suite »
First home savings account getting 'phenomenal' uptake since April launch: RBCRBC and National Bank say demand for the new tax\u002Dfree First Home Savings Account saving vehicle has exceeded expectations. Find out more.
Lire la suite »
First home savings account getting 'phenomenal' uptake since April launch: RBCRBC and National Bank say demand for the new tax\u002Dfree First Home Savings Account saving vehicle has exceeded expectations. Find out more.
Lire la suite »