tax-free savings account

In addition to the temporary ban on foreign buyers, the budget proposal his government unveiled on Thursday sets aside billions to spur new construction and proposes new programmes, such as a tax-free savings account for first-time buyers.

The most significant is a new tax-free savings account that would encourage savings but would also disproportionately help those with the means to create these additional accounts, said Steve Rosenthal, a tax expert at TPC.

Parents would be able to use a tax-free savings account originally created for college expenses to put away money for private K-12 school tuition under a proposal in the GOP tax reform bill, a move that would largely aid families who can already afford private school tuition.

The HTB Isa was introduced in December to allow first time buyers to put their deposit into a tax-free savings account and get a 25% bonus, up to a maximum of £3,000, when they buy their home.

It’s called the Tax-Free Savings Account and TFSA, as most Canadians refer to it, is a roaring success. …what is this Canadian savings account?