Federal Budget 2009: Homeowner Incentives

Home Renovation Tax Credit
A 15-per-cent non-refundable tax credit for eligible expenditures made in respect of eligible dwellings. The credit will apply to expenditures in excess of $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).

ecoENERGY Retrofit
Provides home and property owners with grants of up to $5,000 to offset the costs of making energy-efficiency improvements. Grants apply to a variety of measures that reduce energy consumption from increasing insulation to upgrading a furnace.

Home Buyers' Plan
Budget 2009 proposes to increase the HBP withdrawal limit to $25,000 from $20,000 in respect of RRSP withdrawals made after January 27, 2009. With the $5,000 increase to the withdrawal limit, two first-time home buyers purchasing a home jointly (e.g. a married or common-law couple) with sufficient RRSP funds in each of their names may now together withdraw up to $50,000 from their RRSP funds toward the purchase of a home in Canada.

First-Time Home Buyers' Tax Credit
The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time home buyers, who must pay these costs on top of saving the money for a down payment.

To assist first-time home buyers with the costs associated with the purchase of a home, Budget 2009 proposes to introduce a First-Time Home Buyers’ Tax Credit—a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009.
To view Canada's Economic Action Plan: Budget 2009 in its entirety:

 Budget 2009

Courtesy of Andrew Szalontai - It's all about service
Langley Realtor   -   778.862.5542
andrew@YourPerfectHome.ca
Remax Treeland Realty