The Canadian government has introduced a new and exciting program called the Tax-Free First Home Savings Account, which will launch on April 1st, 2023. The program is designed to help young people save for their first home purchase by offering tax savings benefits. Contact Callum Greig today to get the ball rolling on this initiative.
How it Works – Tax-Free First Home Savings
Under the program, eligible members can put away up to $40,000 per person or $80,000 per couple in a special tax-free savings account. The balance in the account can be accessed anytime without incurring taxes when it comes time to make your down payment on your first property purchase. This program is in addition to regular TSFA accounts which also enjoy tax-free savings status. AND just like an RSP contribution the Tax Free Savings is also tax deductible.
This program is great news for those trying to save for their first home. It will allow them to accumulate greater savings than with other programs that only offer tax credits or rebates. Plus, you won’t have to worry about paying taxes when you withdraw funds from the account for use as a down payment on your home.
Who to call – Tax-Free First Home Savings
In addition to the tax advantages of this first home savings account, members also have access to financial advice from mortgage brokers who are knowledgeable about this type of saving product and familiar with its various rules and regulations. This service can be invaluable when determining the best financing options available and applying for mortgages.
Individuals can also combine their Tax Free First Home Savings Account with other incentives such as RSP HB Plan. This will make it easier to access additional funds which will go towards their dream home’s down payment. Finally, prospective homeowners have more flexibility when planning their finances and making decisions around purchasing.
Are thinking of buying your first home and looking for ways to save money before taking out a mortgage loan? Look no further than the Tax Free First Home Savings Account. Inquire today to learn more about this incredible opportunity. Plan ahead and start benefiting from these amazing tax savings benefits come April 1st 2023.