Young people in Canada will soon have a new tool to help them buy homes Canada
While initially proposed by the Trudeau government with an age cap of 40, any Canadian resident will now be eligible for one of these accounts if they are at least 18 years of age, do not live in a home that they own, and have not lived in a home that they owned at any time during the previous four calendar years.
"An FHSA combines the features of a Registered Retirement Savings Plan and Tax-Free Savings Account ,""Like an RRSP, contributions would be tax-deductible and qualifying withdrawals to purchase a first home would be non-taxable, like a TFSA. However, with an FHSA and unlike the Home Buyers' Plan, the funds do not need to be paid back."
"Amounts withdrawn to make a qualifying first home purchase would not be subject to tax. Amounts that are withdrawn for other purposes would be taxable."
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