Good news for Mississauga property owners and indeed for all Canadian property owners. Here is some of the benefits from the 2009 federal budget:
- A $5,000 increase to the RRSP Home Buyers Plan. This means first time home owners can now withdraw up to $25,000 from their RRSPs for a down payment; tax and interest free.
- A $750 tax credit for first-time home buyers to help with closing costs, such as legal fees, disbursements and land transfer taxes.
- A 15% tax credit of up to $1,350 on eligible home renovation expenses undertaken before 1 February 2010.
- $300 million for Eco energy retrofit grants.
- More “disclosures” for mortgage insurance designed to help consumers better understand the mortgage insurance transaction.
To get the full details please speak to your accountant or real estate solicitor.
