First Time Home Buyers in Mississauga & Toronto will love the Increased Tax Free withdrawals

By
Real Estate Agent with Re/Max Ultimate Realty Inc. Brokerage

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.

Comments (2)

Sylvie Conde
Sutton Group-Associates Realty Inc., Brokerage - Toronto, ON
Broker, Toronto Real Estate

I'm sure they could do much better than this, although this is a good start ... and if they removed the extra municipal land transfer tax in Toronto, I think it would have a huge impact.

Feb 20, 2009 05:18 AM
John Lavin
Re/Max Ultimate Realty Inc. Brokerage - Toronto, ON
Realtor - Mississauga - Toronto Real Estate

Thanks for the comment Sylvie

 

Don't vote for David Miller and tell all your friends and neighbors. He is just beginning.

Feb 21, 2009 02:04 AM