Tax Subsidies to Saving for Home Purchase
Evidence from Canadian RHOSPs
DOI:
https://doi.org/10.1016/1057-0810(95)90039-XAbstract
Large movements in home prices and depressed residential construction in the U.S. have focused attention on new tax subsidies to home ownership in the form of targeted savings incentives for first-time home buyers. While much has been learned about the effects of the more traditional tax subsidies to owner-occupied housing and to saving, nothing is known about this new type of program. Since the US has had no experience with such subsidies, the presented study analyzes the experiences of Canada, which sponsored tax subsidized savings accounts for first-time home buyers-Registered Home Ownership Savings Plans (RHOSP)-at the national level from 1974 to 1985. Results show that such a policy in the U.S., based on the Canadian experience, is likely to be popular among young households saving for a down payment. National Tax Journal, June 1994,47(2): 363-388. (Reprinted with permission of ABV/Inform, Copyright UMI.)
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