A New Tax-free First Home Savings Account
Young Canadians want the chance to own their home—just like their parents and grandparents did. But higher rent and the increased cost of living are making it harder and harder to afford a down payment.
A re-elected Liberal government will:
- Introduce a tax-free First Home Savings Account will allow Canadians under 40 to save up to $40,000 towards their first home, and to withdraw it tax-free to put towards their first home purchase, with no requirement to repay it.
Combining the features of both an RRSP and a TFSA, this plan would allow young Canadians to set aside 100% of every dollar they earn up to $40,000 and shorten the time it takes to afford a down payment.