First Time Home Buyers and Existing Home Owners - Federal Budget 2009

The 2009 Federal budget has measures targeted to both First Time Home Buyers and existing Home Owners.

First Time Home Buyers - Permanently increased the Home Buyers Plan withdrawal limit to $25,000 from $20,000. This plan is available to those withdrawing funds to buy or build a home for themselves as a first time home buyer OR withdrawing funds to buy or build a home for a related person with a disability.

Legal fees, disbursements and land transfer fees for 1st time buyers - A 15% credit will be applied to a $5,000 amount and will provide up to $750 in tax relief to reduce the costs associated with first home purchases completed after January 27, 2009.

Home Renovation Tax Credit - Applies to eligible home renovation expenditures for work performed, or goods acquired between January 27, 2009 and February 1, 2010 (Temporary). A 15% tax credit may be claimed on expenditures exceeding $1,000 but not more than $10,000, and will provide up to $1,350 in tax relief.

Eco-Energy Retrofit Program - Provides property owners with grants of up to $5,000 to offset the costs of making energy-efficient improvements. Building on the success of the existing program Budget 2009 provides an additional $300 million over two years to the program.

Disclaimer - These examples are intended to provide general information and should not be construed as specific legal, lending, or tax advice.

For further information visit Budget 2009

Bernard Weinbender

Bernard Weinbender

CENTURY 21 Dome Realty Inc.
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