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Becky Keays, sales representative with REMAX Jazz Inc., Brokerage. Oshawa Ontario, Canada.


 

2009 Federal Budget Highlights Housing

February 12, 2009

Included in the 2009 – 2010 federal budget were a number of important housing initiatives that will
encourage Canadians to purchase a home and make improvements to existing housing. For example,
the RRSP Home Buyers Plan was increased from $20,000 to $25,000 after a concerted lobby effort
from REALTORS®, Additionally, there is a temporary tax credit for first time home buyers of up to $750.00 designed to offset closing costs as well as a Home Renovation Tax Credit (HRTC) of up to $1350.00 for homes, cottages or condominiums. The HRTC expires February 1, 2010.

Overall Budget 2009 provides up to $7.8 billion for housing construction and renovation. This includes:
• The temporary Home Renovation Tax Credit of up to $1,350 for eligible home renovations
and alterations.
• An increase to the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000 to help
Canadians buy a first home.
• A new First-Time Home Buyers’ Tax Credit that will provide up to $750 in tax relief when
purchasing a first home.
• $300 million over two years to the ecoENERGY Retrofit program.
• $1 billion over two years for renovation and energy retrofits to social housing.
• $400 million over two years to build housing for low-income seniors.
• $75 million over two years to build social housing for persons with disabilities.
• $200 million over two years to support social housing in the North.
• $2 billion over two years in low-cost loans to municipalities to improve housing-related infrastructure.


Tagged with: 2009 federal budget rrsp home buyers plan tax credit for first time home buyers home renovation tax credit hrtc ecoenergy retrofit program
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Last updated 03/15/2014.

RE/MAX Jazz Oshawa:

193 King Street East Oshawa, ON L1H 1C2 Office: (905) 728-1600 Fax: (905) 436-1745

 

Becky Keays & Associates.
*Sales Representative
 

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