Skip to content

Canada Immigration News from the CIC press release released on 11 August 2023. Minister Miller highlights new tax-free first home savings account 

Canada Immigration News from the CIC press release released on 11/08/2023. Minister Miller highlights new tax-free first home savings account 
Good day ladies and gentlemen, this is IRC news and I am Joy Stephen, an authorized Canadian Immigration practitioner bringing out this special edition of Immigration news from CIC press release, . This news was released by the government on 11/08/2023. I am coming to you from the Polinsys studios in Cambridge, Ontario. Today is the 16/08/2023 
As house prices have climbed, saving for a down payment is out of reach for many Canadians, particularly young people. Today, the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, shared how the new tax-free First Home Savings Account is available and helping put home ownership back within reach of Canadians across the country. 
The new tax-free First Home Savings Account is a registered savings account that helps Canadians become first-time home buyers by contributing up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment within 15 years. To help Canadians reach their savings goals, First Home Savings Account contributions are tax deductible on annual income tax returns, like a Registered Retirement Savings Plan (RRSP). Like a TaxFree Savings Account, withdrawals to purchase a first home, including any investment income on contributions, are non-taxable. Tax-free in; tax-free out. 
If you need assistance to participate in Provincial or Federal programs or assistance after selection, please contact us   
Good luck! 

Welcome to this weekly video update on PNP news brought to you by IRC News. We understand the importance of staying informed about Canadian job opportunities, data analysis, and immigration news, and that’s why we’re here to provide you with the latest information. To further your understanding of becoming a Canadian Permanent Resident, we invite you to watch our free online YouTube videos at Our Canadian Authorized Representative also conducts a free Q&A session every Friday to answer any questions you may have. For more information and Zoom meeting credentials, please visit It’s important to note that the Canadian Government regulates who can charge fees for immigration services, so we recommend following the link for more information. If you’re looking for a free evaluation of your Canada PR application, please visit To stay updated with our latest news, follow us on Facebook, Instagram, and YouTube. We appreciate your support and hope you’ve found this video informative. If you liked this news, please like the video and to receive notifications about more Canadian job positions, please subscribe to our channel.

Leave a Reply

Your email address will not be published. Required fields are marked *