Canadian federal government helps home buyers

New home buyers and existing home owners can benefit from these new proposals from our Feds.

There are three actions proposed by our government to help stimulate the housing industry.

1.First-Time Home Buyers Tax Credit...the 2009 proposed budget will introduce a new non-refundable tax credit based on $5,000 for first time home buyers who purchase and take possession of a qualifying home after January 27, 2009.

2. The Home Renovation Tax Credit...A temporary 15% tax credit for home renovations with eligible expenditures exceeding $1,000 but not exceeding $10,000 with up to $1,250 in relief.

3. Home Buyers Plan...Homebuyers can withdraw up to $25,000 from their RRSP's tax free to buy or $20,000 to build their first home.

For full information visit http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html