Home Sweet Home

Home, Sweet Home

The federal budget offers several measures of interest to people who plan to renovate or buy a home. Here's how they could theoretically work in unison for a first-time buyer:

Step 1: Claim the First-Time Home Buyers' Tax Credit
Details: Offers tax relief of up to $750 to first-time buyers to help defray closing costs on their purchase.

Step 2: Take advantage of changes to the federal Home Buyers' Program
Details: You can take up to $25,000 out of your RRSP to buy a first home and pay no taxes, up from $20,000

Step 3: Renovate your new home with help from the temporary new Home Renovation Tax Credit
Details: Claim up to $1,350 in tax relief for upgrades to your home done before Feb. 1, 2010; available to everyone, not just first-time buyers; applies to renos costing $1000 to $10,000

Step 4: Get energy efficient using the ecoEnergy Retrofit program, which was expanded in the budget
Details: Get a grant of up to $5,000 for changes to your home that add to energy efficiency: you can also claim the home reno tax credit for these upgrades



         Jeff Goethals, AMP

Accredited Mortgage Professional





Susan Greschuk

Susan Greschuk

Associate Broker
CENTURY 21 Sun Country Realty
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