Canada’s Economic Action Plan addresses something myself and members of the Realtor’s Political Action Committee have been pushing government for for a few year now. The Feds have finally increase the RRSP withdraw amount from $20,000 to $25,000 to purchase a home. Additionally the recent budget adds as much as $750 in tax relief for closing costs.“.The Home Buyers’ Plan introduced by Canada’s government allows first-time home buyers to withdraw from a RRSP to purchase or build a home. Budget 2009 increases the limit to $25,000 from $20,000 for withdrawals after January 27, 2009. As well, first-time home buyers can also benefit from up to $750 in tax relief on closing costs.
For more information please visit: http://www.budget.gc.ca/2009/
To view press conference on Home Buyer's Plan click link:
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