The Canadian government recently announced the launch of a new First Home Savings Account to help citizens, including newcomers, become homeowners faster.
Marc Miller, the new Minister of Immigration, Refugees, and Citizenship, recently announced the launch of a new tax-free First Home Savings Account to help more Canadians become homeowners. This registered savings account allows first-time homebuyers to contribute up to $8,000 annually, up to a $ 40,000 lifetime limit, towards their first down payment within 15 years.
Minister Miller highlighted how this new account puts homeownership back within reach for more Canadians nationwide by providing a tax-deductible way to save for a down payment over time.
Compared to other economic immigration programs, with an approval rate of 82%, Start-up Visa applicants can readily secure permanent resident status by starting innovative companies in Canada. Immigration entrepreneurs can catch this opportunity to access their homeownership by saving for home purchases in Canada through the Start-up Visa program. As permanent residents, they become eligible for the new First Home Savings Account to be homeowners and access other benefits unavailable to temporary residents.
The SUV applicants’ permanent resident status allows access to mortgage financing and full-time work for their own companies, and they even can use their open work permit to find other jobs to earn more savings, providing greater buying power than the First Home Savings Account alone. Start-up Visa applicants who obtain permanent residence can leverage multiple advantages to purchase real estate ahead of traditional timelines.
For immigrant founders seeking residential assets in Canada, the Start-up Visa fast-tracks their ability to purchase property and utilize programs like the First Home Savings Account. By opening the door to permanent status, the start-up visa empowers newcomers to enjoy the benefits of Canadian homeownership.