First Home Savings Infographic
The First Home Savings infographic illustrates this Canadian program, to be launched in spring 2023, that allows individuals to save up to $40,000 (tax-free) for a down payment on their first home. An annual tax-deductible limit of $8,000 can be contributed to the account, and withdrawals used to purchase a first home are non-taxable. Certain conditions must be met in order to qualify to participate in the plan and the infographic illustrates eligibility, and the qualifying investments that can be placed in the account, based on draft legislation.
The First Home Savings account can work along with the Home Buyer’s Plan to help individuals save for their first home.
Highlights of the infographic include the timeline of the account, what transfers are eligible, what happens with excess contributions and non-qualifying withdrawals. Learn more about how your registered plans can work together to help you save for your home ownership goals with the Home Ownership Plans infographic.
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