Remarks by the Deputy Prime Minister on the new Tax-Free First Home Savings Account helping over 250,000 Canadians save for their first home

October 31, 2023 - Ottawa, ON

Good afternoon.

I will speak first about the Canada Pension Plan, as well as about some important progress on our plan to help Canadians save for their first down payment on a home.

I will then pass it to Minister Sean Fraser, who will speak to the progress of our new Housing Accelerator Fund and how it is helping communities build more homes, faster.

And then finally, we will pass it to Minister Anand.

So first, let me confirm that this Friday, I will be convening a special meeting of provincial and territorial Finance Ministers to discuss the Government of Alberta’s proposed withdrawal from the Canada Pension Plan.

For six decades, the CPP has been the bedrock of a secure and dignified retirement for Canadians—very much including the people of Alberta.

I have heard the concerns of many Canadians—including many Albertans—about the Government of Alberta’s proposal to withdraw Albertans from the CPP.

The Calgary Chamber of Commerce has said that altering Alberta’s pension system could compromise labour mobility, stability for businesses and consumers, and investor confidence.

The Alberta Federation of Labour has said that the proposed move to a provincial pension plan would be “truly scary for anyone contemplating a safe and stable retirement.”

Protecting the pensions of all Canadians is a priority for our government—and I look forward to an important conversation about this with my counterparts from across the country on Friday.

We promised to create the tax-free First Home Savings Account in our 2022 budget, and we launched those accounts in April of this year.

I was very glad to announce on October 5th, earlier this month, that 150,000 Canadians had opened a First Home Savings Account.

And I am so happy to announce that today—less than a month later—that number has climbed to more than 250,000 Canadians who have opened a tax-free First Home Savings Account.

Our government knows that, as house prices have climbed, saving for a down payment has become increasingly out of reach for Canadians—and especially for our young people.

Our economic plan is ambitious on housing—a cornerstone of which is the tax-free First Home Savings Account.

The tax-free First Home Savings Account allows Canadians to contribute up to $40,000 towards the purchase of their first home.

Compared to just 26 days ago, 100,000 more Canadians are saving up for their first home—tax-free.

This enthusiasm for the tax-free First Home Savings Account shows that the dream—and the reality—of first home ownership is alive and well in Canada.

And through our economic plan, our federal government is going to continue to build more homes, faster, for Canadians from coast to coast to coast.

In the past few weeks, we have taken real, concrete action to continue leading the way in addressing Canada’s housing challenge.

Thank you. I will now pass it over to Minister Fraser.