Posts Tagged ‘First Time Home Buyers’

RRSP Down Payment

Thursday, April 2nd, 2009

The amount first-time buyers can withdraw from their RRSPs for a down payment has been increased from $20,000 to $25,000, the first major change to the RRSP homebuyers plan since it was introduced in 1992.

Residential real estate is a key sector of the economy, and these measures are intended to spur activity by getting people to spend both on purchases and upgrades

Tax Relief for First Time Home Buyers

Thursday, April 2nd, 2009

Last week’s budget also included some tax relief for first-time homebuyers. This includes a credit of up to $750 to cover closing costs, such as legal fees, title insurance and deed transfer taxes. This credit covers 15 per cent of eligible closing costs, up to a maximum of $5,000.

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