05/10/2022
: The 2022 Federal Budget has proposed the following personal measures for existing homeowners and for new home buyers:
— Home Accessibility Tax Credit: For existing homeowners the annual expense limit would be doubled to $20,000 for eligible expenses, such that the maximum non-refundable tax credit would be $3,000, proposed to be effective for 2022 and subsequent taxation years.
— Home Buyers’ Tax Credit: The amount would be doubled so that tax relief of $1,500 could be accessed by eligible home buyers, proposed to be effective for acquisitions of a qualifying home on or after January 1, 2022.
— Tax-Free First Home Savings Account: A new registered account would allow for tax-deductible contributions of up to $8,000 annually and up to $40,000 in total; withdrawals from the plan (including income earned in the plan) to purchase a first home would not be taxable. Details are still forthcoming from the Department of Finance on this new account.
