Posted on August 16 2023
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Canada Government has announced a new tax-free First Home Savings Account (FHSA). The account will help Canadians to contribute up to $8,000 towards a down payment within a 15-year. The account has a contribution limit of $40,000 (CAD) for a lifetime. The account offers tax deductions on contributions and non-taxable withdrawals for first home purchase.
The initiative was introduced in April 2023, and it intends to ease housing affordability for Canadians. It is currently available through seven financial institutions. Immigration, Refugees and Citizenship Canada (IRCC) have introduced measures to address the labour shortage in homebuilding occupations, offering permanent residency through Express Entry.
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Posted On November 24 2023
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