Wednesday, January 28, 2009

Budget Highlites for Real Estate Toronto

Here are some key points mentioned in todays budget that will help us in our industry.

Canada's Mortgage Industry Welcomes Federal Budget Announcements

Earlier today, federal Finance Minister Jim Flaherty tabled the federal budget. Several measures affect Canada's housing and mortgage industry.

Temporary home renovations tax credit of up to $1,350 for eligible home renovations and alterations.

Increase in the home buyers RSP plan, withdrawal limit increased to $25,000 from the current $20,000

A new first time home buyers tax credit that will provide up to $750 in tax relief for closing costs. They're giving first time home buyers tax breaks designed to deal with added expenses like legal fees and - in what's certainly a message to Mayor David Miller - land transfer taxes. Those buying an abode will get a 15 per cent tax credit on up to $5,000 in costs.

Broad based personal tax reductions including an increase in the personal exemption and increases to the limits for the two lowest tax brackets.

Complete Budget details

Vivien Lai, AMP Mortgage Specialist Mortgage Alliance Real-T-Mortgages
Tel:(416)816-8252 Fax:(905)272-3833

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