The new Federal budget was released this week - inside of it were several proposed incentives for First-Time Home Buyers. Here are a few high-lights from the 2009 Budget.
The 2009 Federal Budget announced:
- A new First-Time Home Buyers' Tax Credit of up to $750 to help homebuyers with closing costs such as land transfer taxes and legal fees
- A new Home Renovation Tax Credit of up to $1,350
- A new funding program for ecoENERGY retrofits that provides home and property owners up to $5,000 for energy improvements
- A new social housing program
Also, the 2009 federal budget announced an increase to the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000. This Plan was first introduced in 1992 to help first-time homebuyers by allowing them to withdraw from their RRSPs towards buying a home. This is the first increase since the plan introduction. Some eligible couples can now withdraw up to $50,000.
For complete details on the 2009 Budget, please visit: http://www.budget.gc.ca/2009/
For more information on the First-Time Home Buyers benefits, please visit: http://www.bennettrealestatepros.com/ or send an email to taylor@BennettRealEstatePros.com
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