She announced that on April 16, the maximum withdraw from RRSP’s to make a down payment on their first home will increase to $60,000. That’s a $25,000 increase.
Home for Sale sign on white background. 3d
“This, plus the Tax-Free First Home Savings Account, can be combined, which will give younger Canadians more tools to save what is actually needed,” -Chrystia Freeland
The savings account she talks about will let Canadians save up to $8,000 a year towards their home. The maximum lifetime contribution limit will be $40,000.
The Conservatives have not directly responded to the new measures but have released a statement.
“This was confirmed again today by the Parliamentary Budget Office, who reported that Canada needs 1.3 million more homes than what is already forecasted to be built.” – Part of the statement released.
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