Federal Government Incentives for Home Buyers and Home Renovators to Stimulate the Economy
Buying, renovating homes key to stimulating economy
The Federal Budget 2009 announced several incentives to get Canadians spending by buying a first time home, or renovating the one they are already in. Some of the budget highlights include:
Providing first-time home buyers with additional access to their Registered Retirement Savings Plan savings to purchase or build a home by increasing the Home Buyers' Plan withdrawal limit to $25,000 from $20,000.
Assisting first-time home buyers by providing up to $750 in tax relief to help with the purchase of a first home.
Implementing a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief, reduce the cost of renovations for an estimated 4.6 million Canadian families, and provide needed stimulus to the economy.
Providing an additional $300 million over two years to the ecoENERGY Retrofit program to support an estimated 200,000 additional home retrofits.
For more information about the Federal Government's budget, go to http://www.budget.gc.ca/2009/plan/bpc3c-eng.asp.
Article courtesy Ontario Real Estate Association