Federal Budget 2009: Good news for Home Buyers and Renovators

The Federal Budget 2009, released January 27, 2009 offers a $7.8 billion package to home buyers and renovators, including:

• an increase to the Home Buyers' Plan withdrawal limit to $25,000 from $20,000.
• a Home Renovation Tax Credit for home improvement projects such as new carpeting, floorings, heating systems, additions, decks and landscaping. Homeowners will be able to claim a tax credit for 15% of renovation expenses between $1,000 and $10,000. The maximum credit is worth $1,350.
• a new First-Time Home Buyers' Tax Credit that will provide up to $750 in tax relief to eligible buyers for costs associated with purchasing their first home including legal fees and land transfer taxes;
• a $300 million ecoENERGY Retrofit program to give home and property owners grants of up to $5,000 to offset the costs of making energy-efficiency improvements;

The government will soon be providing details on these programs which we will share with you.

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