Earlier today, federal Finance Minister Jim Flaherty tabled the federal budget. Several measures affect Canada's housing and mortgage industry.
• Temporary home renovations tax credit of up to $1,350 for eligible home renovations and alterations
• Increase in the home buyers RSP plan, withdrawal limit increased to $25,000 from the current $20,000
• A new first time home buyers tax credit that will provide up to $750 in tax relief for closing costs
• Broad based personal tax reductions including an increase in the personal exemption and increases to the limits for the two lowest tax brackets
Source: Canadian Association of Accredited Mortgage Professionals
www.caamp.org
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