Finally some good news from the federal government and the budget that will likely be passed on Monday. I was going to write something about the budget yesterday, but I wanted to make sure that we were not going to be headed for an election first.
- First time home buyers’ tax credit – tax relief of up to $750 for first time buyers to help defray closing costs.
- Home Buyers’ Plan – first time buyers can now take up to $25,000 out of an RRSP and pay no tax on the withdrawal.
- Home Renovation Tax Credit – Renovators can claim up to $1,350 in tax relief for home upgrades before February 1, 2010.
- ecoEnergy Retrofit Program – A grant of up to $5,000 is available for renovations that add to energy efficiency. The Home Renovation Tax Credit can be claimed at the same time.
Exactly how the programs will work and how to apply for rebates as in the first bullet point have yet to be determined. As I get more information on these opportunities, I will keep you posted.
In the meantime, buy a home, start renovating and go GREEN while doing it!!
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