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Posted on September 01 2023

Save $40,000 on your first home in Canada

By Editor
Updated September 01 2023

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.

*Looking to apply for Canada PR? Consult Y-Axis for guided assistance.

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

*Looking to migrate to Canada? Contact Y-Axis, the top overseas Immigration Company in UAE.

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


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