First-Time Home Buyers' Tax Credit

Home Buyers' Plan Withdrawal Limit

To provide first-time home buyers with additional access to their RRSP savings to purchase or build a home, Budget 2009 proposes to increase the Home Buyers' Plan (HBP) withdrawal limit to $25,000 from $20,000.

This is the first increase in the withdrawal limit since the HBP was introduced in 1992

To assist first-time home buyers with the costs related to the purchase of a home, Budget 2009 proposes to introduce a First-Time Home Buyers' Tax Credit. A 15-per-cent credit will be applied to a $5,000 amount, and will provide up to $750 in tax relief to reduce the costs associated with first home purchases completed after January 27, 2009.



You can find the complete article at the link bellow...

http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant2-eng.asp