Tax Credit, Refund & Rebate Programs Canada's Economic Plan (2009) How to put tax dollars back in your pocket |
In challenging economic times, tax reductions are an essential part of the Government's effort to stimulate the economy in the short-term. Reducing taxes also helps build a solid foundation for future economic growth, more jobs, and higher living standards for Canadians. These measures will provide: |
 | First-Time Home Buyer's Tax Credit 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
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 | Home Buyers' Plan Withdrawal Limit
The Home Buyers' Plan (HBP) allows first-time home buyers to withdraw amounts from a Registered Retirement Savings Plan (RRSP) to purchase or build a home without having to pay tax on the withdrawal. Budget 2009 proposes to increase the HBP withdrawal limit to $25,000 from $20,000. READ MORE |
 | The Home Renovation Tax Credit The HRTC will apply to eligible home renovation expenditures for work preformed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009. The 15 percent credit may be claimed on the portion of eligible expenditures exceeding $1,000 but not more then.... READ MORE |
 | Land Transfer Refund Program In the 2007 the government proposed to expand the Land Transfer Tax Refund Program to include first-time homebuyers of resale homes.
As a result of this change, first-time homebuyers of both new and resale homes may now be able to receive a refund from the provincial government of up to $2,000 of the land transfer tax. READ MORE |
For detailed information on all programs please visit: http://www.gov.on.ca or contact your nearest Ontario Mortage Team Professional |
Information is made available to you as self-help tools for your independent use and is not intended to provide definitive advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. We encourage you to seek personalized advice from qualified tax professional or the Canada Revenue Agency Website. E.& O.E. |