Highlights from the Federal Buget: highlights that affect the Real Estate Industry

Feb. 2, 2009 - PRLog -- Home Buyers’ Plan: Commencing January 28,2009, first-time home buyers can withdraw $25,000 from a Registered Retirement Savings (RRSP) to purchase or build a home, without incurring tax. Previously, the limit was $20,000.
·         Home renovation tax credit: Homeowners can claim a non-refundable 15% tax credit on eligible home renovation costs incurred and paid after January 27,2009, and before February 1,2010, under agreements entered after January 27,2009.
·         First-time home buyers’ tax credit: First-time home buyers that acquire a qualifying home after January 27, 2009, can claim a 15% non-refundable tax credit on up to $5,000, for a maximum credit of $750. If a home is purchased jointly, the total credit that may be claimed by all purchasers is $750. The unused portion of the credit of the credit can be transferred to a spouse or common-law-partner.

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