Do Canadians not get similar tax breaks for retirement savings?
Personally as someone who aspires to FIRE at 40, this lifetime ISA seems far too limited, and much more restricted than a pension at first glance. Although, crunching the numbers, if the penalty to withdraw before 60 is only 5%, and you get 25% 'free' each year, it could still be beneficial to support an early retirement. My numbers do like quite precarious in the few years before I can access my pension, so this could be a good safety net - it can be accessed early. I'll read the details carefully when they come out, and if the figures stack up I may open one.