Canada will help residents with their first real estate purchase
And this is only part of the new measures to support the population.
Earlier this week, Canadian Minister of Finance Chrystia Freeland unveiled a new bill, the Fall Economic Statement Implementation Act. It includes the following key measures to help residents of the country:
- eliminating interest on Canada Student Loans and Canada Apprentice Loans;
- cutting tax up to 9% for growing small businesses;
- creating a Tax-Free First Home Savings Account for Canadians to save up to $40,000 CAD for a down payment on their first home;
- doubling the First-Time Home Buyers’ Tax Credit, which will allow homebuyers to get $1,500 CAD to pay for their first home;
- helping multigenerational families or those with a family member with a disability with a tax credit of up to $7,500 CAD for home repairs;
- doubling the quarterly GST tax credit for low-income residents;
- introducing a benefit for low-wage workers.
In addition, the bill introduces new taxes. Thus, a tax will be introduced on the sale of real estate owned for less than a year, and banks and insurance organizations with income above $1 billion CAD will be required to pay a one-time tax of 15%.
The fall economic report also suggests strengthening Canada's economy, creating new jobs, and welcoming new immigrants.
