On August 11, 2023, the Minister of Immigration, Refugees and Citizenship Canada (IRCC), Marc Miller, announced the tax-free First Home Savings Account for Canadians, aimed at helping first-time home buyers. The account allows Canadians to contribute up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment within 15 years. Contributions are tax-deductible, and withdrawals, including investment income, are non-taxable if used to purchase a first home. Since April 1, 2023, seven financial institutions have already started offering the account, with more to follow.
