The Fedreal Government Spoke about the a tax-free first home savings account and doubling the first-time home buyers credit to $10,000 in hopes of helping first time home buyers in this difficult market,
The Liberals explain it as:
Combining the features of both an RRSP and a TFSA, this plan will allow Canadians under 40 to save up to $40,000 towards their first home, and to withdraw it tax-free to put towards their first home purchase with no requirement to repay it.
This would allow young Canadians to set aside 100% of every dollar they earn, up to $40,000 toward the most important investment they will make in their life.
If the funds are not used for a home purchase by the age of 40, they convert back to normal RRSP savings.
Exerpt from The Liberal's Afford a Down Payment, faster
Buyers: Get the Most Home for Your Money!
Here are the most popular home buyer resources on this site. Whether you are a first time buyer or an experienced investor, these links are sure to help you find your dream home at the best possible price.