[Heavy benefits]

Good news! Canada launches first-time homebuyer benefits, don't miss it for new immigrants!

Launch of first home savings account

Canadian Immigration Minister Marc Miller recently announced an important policy

"Canada's first-ever Home Savings Account has officially launched, bringing great benefits to Canadians across the country and helping them realize their dream of owning a home of their own."

This is a great benefit for many new Canadian immigrants.

Savings Account Details

The new policy introduces a registered savings account called a First Home Savings Account, designed to help those buying a home for the first time.

Each year, they can put a down payment of up to $8,000 into the account, while lifetime deposits are limited to $40,000.

To help Canadians meet their savings goals, First Home Buyer Savings Account contributions are tax-deductible on annual income tax returns, just like Registered Retirement Savings Plans (RRSPs).

As with tax-free savings accounts, withdrawals to buy your first home (including any investment income from contributions) are tax-free.

Multi-party support

Immigration Minister Mark Miller says newcomers can now achieve their goal of owning their home more quickly through a tax-free first-time homebuyer savings account.

Opening this account can save Canadians up to $8,000 a year in taxes and put their money to good use.

The introduction of this policy has not only received strong support from the government, but also received positive responses from financial institutions.

It is reported that since April 1, 2023, seven financial companies have already offered housing savings accounts for the first time, and more companies are expected to join in the future.

This will further expand the coverage of the policy, allowing more Canadian newcomers to benefit from this benefit.

newcomer benefits

This important policy is even more beneficial to new Canadian immigrants. As newcomers, buying a home is often an important step in their integration into a new life.

The introduction of the first home savings accounts will provide newcomers with more options and opportunities to buy a home.

Through the accumulation of savings accounts, new immigrants can more easily realize their dream of buying a house and stabilize their lives and their families.

Canada, as an economically developed and open and inclusive country, has a superior geographical location, complete infrastructure, broad market potential and generous social benefits, and continues to attract many elites, outstanding talents, and high-net-worth individuals to immigrate here.

If you are interested in immigrating to Canada, please contact Xingyunhai International! We will provide you with professional services and support, and tailor the most suitable migration plan for you!