Reduce Property Taxes Up To 75% With Green Grants In Windsor | Justin Trudeau Creates Tax Free Real Estate Account For Families

Justin Trudeau has introduced a new tax free real estate investment vehicle for families looking to buy their first home. Budget 2022 unveiled A Plan to Grow Our Economy and Make Life More Affordable, including a Tax-Free First Home Savings Account (TFFHSA).

This account will allow families to save up to $40,000 to use as a down payment with a mortgage. Money put in this account will not accrue income taxes, and any capital gains made through investment of the money will also be tax free.

The budget also doubles the First Time Home Buyers Tax Credit to $10,000 and aims to make rent to own homes more available. All of these factors make it the perfect time to save for, or purchase a new home.

Did You Know? If you have owned a home in the past, but not for the last 3 years, you also qualify for the First Time Home Buyer Tax Credit.