The 2009 Federal Budget had elements that benefit first time home buyers and home owners.
They introduced a temporary tax credit intended to stimulate the economy and try to hedge the growth of the underground economy in the construction industry. The Home Renovation Tax Credit will offer home owners a maximum credit of $1350 for any home renovation project performed valued between $1,000 – $10,000.
The limit that first time home buyers could withdraw from their RRSP’s to put toward a down payment has been increased from $20,000 to $25,000.
First time home buyers could qualify for a tax credit worth $750
The ecoENERGY programme has been expanded to offer a $5000 grant to home owners that participate in energy efficiency improvement projects.
For the official notice visit : http://www.budget.gc.ca/2009/plan/bpc3c-eng.asp
