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27 August 2009

Homeownership Tax Credits

The 2009 federal budget featured some exciting changes to encourage homeownership.

They include:

$25000 - Increasing the amount a first-time homebuyer can borrow tax-free from an RRSP for a home purchase to $25, 000 from $20, 000

$1,350 - Introducing a home renovation tax credit for work done between Jan. 27, 2009 and Feb 1, 2010. (Max credit $1,350)

$750 - Introducing a $750 First-Time-Home Buyers' Tax Credit to help offset the closing costs associated with purchasing (max credit $750)


Budget 2009 - Action to Stimulate Housing Construction

http://www.budget.gc.ca/2009/plan/bpc3c-eng.asp

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