The Canada Revenue Agency announced that there are technical issues causing delays in withdrawing amounts related to First Home Savings Account (FHSA) programs.

The Canada Revenue Agency issued a statement on this matter that the CRA encountered some problems with tax returns that included data related to the First Home Savings Account opened during 2023.

First Home Savings Accounts – the First Home program – were launched in April 2023, allowing homebuyers to make tax-free contributions towards the down payment for a home.

New account holders can contribute up to $40,000 over 15 years with an annual maximum deposit limit of $8,000.

It was also noted that withdrawals are tax-exempt if used for the down payment.

Many FHSA holders complained on the social media site Reddit about weeks of delays in receiving assessment notices and tax refunds this year.