The Federal Budget 2022, released April 7, 2022, had a significant focus on housing for Canadians. Finance Minister Chrystia Freeland laid out how the government is planning to address housing affordability by adopting policies in three categories: building, saving and anti-flipping/foreign investment.
Here’s an initial summary of the housing measures announced on April 7, 2022.
BUILDING
The goal is to double housing construction by 2032.
SAVING
- A new Tax-Free First Home Savings Account: first-time home buyers can save up to $40,000 tax-free. Like RRSPs, contributions would be tax-deductible, and withdrawals to buy a first home, including investment income, would be non-taxable, like a TFSA. Tax-free in, tax-free out.
- First-Time Home Buyers’ Tax Credit: double the amount to $10,000, providing up to $1,500 in direct support to home buyers, applying to homes bought on or after January 1, 2022.
- Home Accessibility Tax Credit: double the qualifying expense limit...
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