A couple of new changes introduced by the Canadian government in it's budget recently are sure to please First Time home buyers in Mississauga and Toronto. Under the federal Home Buyers Plan, first-time home buyers will be allowed tax free withdrawals to a limit of $25,000 from registered retirement savings plans for the purpose of buying a first home. this is up from a limit of $20,000.
Also to defray some of the costs of buying such as legal fees and Land Transfer taxes a 15% First Time Home Buyers Tax Credit will apply on expenditures up to $5000.00 meaning a maximum tax savings of $750.00.
Please visit my site at www.john-lavin.com for other government incentives for first time home buyers.