Do you want to buy your first home someday? The TFSA-RESTART (CELIAPP) is your best ally (and no one tells you about it)

Do you want to buy your first house someday? The TFSA for a First Home Purchase (CELIAPP) is your best ally (and no one talks about it)

Between exploding groceries and rising rents, the idea of buying a house at 22 feels like a meme, not a plan. Yet there exists a tool created EXACTLY for you: the CELIAPP.

What is the CELIAPP?

The Tax-Free Savings Account for the Purchase of a First Property (CELIAPP) is a special account to help you accumulate your down payment.

It blends the best of RRSP and TFSA:

• What you contribute is tax-deductible (like an RRSP)
• The returns and the withdrawal to buy your first home are 100% tax-free (like a TFSA)

Result: your money enters tax-free and leaves tax-free if you use it for an eligible first property.

Key numbers to remember

• You can contribute up to $8,000 per year
• Maximum $40,000 lifetime
• You must be at least 18 years old and be a buyer of a first home (you have not been an owner-occupier in the last 4 years)

And if your partner is also eligible, you can each have a CELIAPP: up to $80,000 in contributions together, plus the returns.

Why start at 18, even if you don’t plan to buy right away?

Because:

• The earlier you start, the more compound interest works for you
• You accumulate contribution room and the tax deduction for later
• You keep the door open: if you ever want to buy, you’ll already have a good start

Common mistakes to avoid

• Waiting to have a “big salary” before opening the account
• Confusing CELI and CELIAPP (they’re not the same purpose)
• Keeping everything in cash while you’re saving for 5–10 years

In summary

If you’re between 18 and 25 in Quebec and you dream (even vaguely) of buying someday, opening a CELIAPP now is probably one of the most powerful financial moves you can make.

Your future self will thank you.