by Ateet Kapadia, Listen to Podcast
In recent years, the Canadian government has made significant changes to its tax policies in order to boost homeownership and improve the financial security of its citizens. These changes include increased credit for first-time homebuyers, doubled credit for home accessibility, and an increase in the federal basic personal amount. These measures aim to make homeownership more accessible and affordable for Canadians and to provide financial relief to low-income earners.
The GST/HST tax credits have also been increased, providing families with additional support. The new dental benefit program and multigenerational home renovation tax credit are also designed to provide families with access to essential services and help them maintain their financial stability.
The tax-free first home savings account is another great opportunity for first-time homebuyers to save up for a home without incurring tax costs. This account allows individuals to save up to $40,000 over five years and make tax-deductible contributions.
With these changes, more and more Canadians are turning to free tax clinics for help in filing their tax returns. The Bissell Centre's financial empowerment program is just one of the organizations that has seen a noticeable increase in clients. In the past year alone, they have filed over 3,000 years' worth of taxes, returning over $5.3 million to individuals in poverty or low-income households.
In conclusion, the Canadian government's commitment to boosting homeownership and financial security is commendable, and these new measures are a step in the right direction. By providing families with access to essential services and financial support, the government is helping Canadians achieve their financial goals and maintain their financial stability.
