Home Ownership Plans Infographic
Discover which investment option, or combination of options will help you reach your home ownership goals with this Home Ownership Plans infographic. This helpful reference compares Canadian registered plans including the new First Home Savings Account, the Home Buyers’ Plan, RRSP and TFSA and how they can work together to help you to save for your first home.
The First Home Savings account can work along with the Home Buyer’s Plan to help individuals save for their first home.
The First Home Savings Account allows individuals to save up to $40,000 (tax-free) for a down payment on their first home. Individuals may borrow up to $35,000 from their RRSP to contribute to a Home Buyer’s Plan to save for a down payment on a new home. These programs can now work together.
Highlights of the Home Ownership Plans infographic include descriptions about each registered plan, current contribution amounts, and carry forward rules. In addition, details on the taxation of each of these programs help to illustrated how and when the plans can be used.
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