Housing Affordability
Housing Affordability
Housing affordability continues to be a pain point for investors and savers looking to purchase a home in the next couple of years. Starting in 2023, the government of Canada will introduce a new Tax Free Savings account for Canadians looking to purchase a first home. The account blends the tax deduction benefit of an RRSP with tax free withdrawals of a TFSA. The Tax Free First Home Savings Account could be a great option for investors and young savers looking to take advantage of the account’s benefits as a way to save for a first home. More details to come!