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