First Time Home Savings Infographic
The First Time 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 Time 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.
Infographic Features
- Communicate complex concepts with vibrant, sharable, easy-to-understand infographics
- Personalized for individual Advisors
- Current and timely for client communications
- One of many infographics included in FreshPlan software
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