The Canadian government has a new initiative to simplify the saving process for new homes by introducing a tax-free savings account known as the First Home Savings Account (FHSA). Starting April 1, 2023, Canadian financial institutions offer the new savings account to eligible Canadian citizens and permanent residents. The new policy will make homeownership a more affordable option for all Canadians, including those who recently immigrated to the country. The FHSA allows individuals to save up to $40,000 towards their first home purchase, tax-free. The account can be opened by any Canadian citizen or a permanent resident over the age of 17.
