Department of Finance Canada announced new action to make rent and groceries more affordable.
Unlocking $20 billion in new financing to build 30,000 more rental apartments per year by increasing the annual limit for Canada Mortgage Bonds from $40 billion to up to $60 billion;.
The new Tax-Free First Home Savings Account, which is a registered savings account that allows Canadians to contribute up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment; and,.
The Canada Housing Benefit, co-developed with provinces and territories, is jointly funded with $4.8 billion over eight years to provide direct financial support to Canadians who are experiencing housing need, including $630 million dedicated to those facing gender-based violence.
Nearly $4 billion towards ending chronic homelessness, through Reaching Home, Canada's Homelessness Strategy.
For households, the after-tax effect depends on eligibility, filing obligations, payment timing, and the final design of the rule.