Summary of benefits for homeowners
Interest rates are at an historic low and the budget was created to stimulate the economy further. (That translates to the government needs us to spend money to get the economy back on track!)
Home Buyer's Plan
The withdrawal limit was increased from $20,000 - $25,000.
First time home buyers' tax credit
A new non-refundable tax credit was introduced based on an amount of $5,000 for first-time home buyers where the home closes after January 27, 2009. The credit is claimable for the taxation year in which the home was acquired.
Home Renovation Tax Credit
The credit will apply to expenditures in excess of $1,000, but not more than $10,000 resulting in a maximum creditof $1,350 per family. Expenditures for work performed or goods acquired after January 27, 2009 and before February 1, 2010 will be eligible for the credit.
If you are a first-time home buyer ... this is your year to buy!