Home Buyer Incentives in 2009 Federal Budget
Yesterday's federal budget has several incentives for home buyers & home owners as well:
1.Home Buyers Plan - 1st time homebuyers can now withdraw $25,000 from their RRSPs without any penalty or taxes. This has been increased from the previous allowable amount of $20,000.
2. First Time Home Buyers Tax Credit - tax relief of up to $750 to first-time buyers to help defray closing costs on their purchase.
3. Home Renovation Tax Credit - Up to $1,350 in tax relief for upgrades to your home done before Feb. 1, 2010. For renovations costing $1000 to $10,000
4. EcoEnergy Retrofit programme - a grant of up to $5,000 for changes to your home that add to energy efficiency