First Home Savings Account: Benefits, Drawbacks, and Who Really Wins

Heather Scoffield, CEO of the Canadian Tax Observatory, walks Bruce through new independent research on Canada’s First Home Savings Account. While the program was designed to help young Canadians save for their first home, the data tells a more complicated story with higher-income earners are maxing out the account, older Canadians are taking advantage of the lack of age restrictions, and the Bank of Mom and Dad is quietly channeling wealth through the program. Heather weighs in on what a more progressive housing policy could actually look like.

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