Federal Budget 2009 - Buying, renovating homes key to stimulating economy
The Federal Budget 2009 announced several incentives to get Canadians spending by buying a first time home, or renovating the one they are already in. Some of the budget highlights include:
- Providing first-time home buyers with additional access to their Registered Retirement Savings Plan savings to purchase or build a home by increasing the Home Buyers' Plan withdrawal limit to $25,000 from $20,000.
- Assisting first-time home buyers by providing up to $750 in tax relief to help with the purchase of a first home.
- Implementing a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief, reduce the cost of renovations for an estimated 4.6 million Canadian families, and provide needed stimulus to the economy.
- Providing an additional $300 million over two years to the ecoENERGY Retrofit program to support an estimated 200,000 additional home retrofits.
REALTOR®. Natalie Bullard is a Sales Representative, whose Motto is INTEGRITY and SERVICE ARE #1, and can be reached at email@example.com or 905-845-9180, CENTURY 21 Miller Real Estate Ltd.
For more information about the Federal Government's budget, go to http://www.budget.gc.ca/2009/plan/bpc3c-eng.asp
Source: Ontario Real Estate Association