Your idea is now a reality 🙂 The Canadian government introduced the First Home Savings Account (FHSA) in 2023 to help first-time homebuyers save for a down payment. Contributions are tax-deductible up to $8,000 per year, with a total limit of $40,000. Interest and investment income earned in the account are tax-free if used to purchase a first home.
However, it’s still challenging to secure my own place given the current situation, and I hope things improve soon too. Thank you for posting—it was healing to read.