Save $40,000 on your first home in Canada

Highlights: Simplified rules for buying your first home in Canada

• Canada introduced a new tax-free First-Home Savings account for Canadians.
• The First-Home Savings account is a registered savings account for first-time home buyers.
• Canadians can contribute up to $8000 annually within 15 years as the first down payment for the house.
• The contributions to the First-Home Savings Account are tax deductible on annual income tax returns.

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Canada’s First Home Savings Account

• The First-Home Savings account has been active since April 2023.
• Seven Financial establishments are offering Canadians the First-Home Saving account from April 1, 2023.
• The withdrawals made towards purchasing a first home, including investment income on contributions, are not taxable.

Measures to improve labour shortage in the construction sector

• The IRCC has taken new measures to promote hiring workers in the construction sector.
• Workers with prior experience in homebuilding occupations are now eligible for permanent residence via Express Entry.
• The first ever Trade specific draw was held on August 3, 2023, that invited 1,500 eligible candidates with experience in Trades occupation to apply for PR.
• The latest Express Entry category-based selection process is inviting the following skilled workers to apply for Canada PR:
• Bricklayers
• Carpenters
• Plumbers
• Roofers
• Others involved in home building

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For further Immigration updates do check out: Y-Axis Canada Immigration news