Buying, renovating homes key to stimulating economy

The Federal Budget 2009 announced several incentives to get Canadians spending by buying a first time home, or renovating the one they are already in. Some of the budget highlights include:

• Providing first-time home buyers with additional access to their Registered Retirement Savings Plan savings to purchase or build a home by increasing the Home Buyers' Plan withdrawal limit to $25,000 from $20,000.

• Assisting first-time home buyers by providing up to $750 in tax relief to help with the purchase of a first home.

• Implementing a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief, reduce the cost of renovations for an estimated 4.6 million Canadian families, and provide needed stimulus to the economy.

• Providing an additional $300 million over two years to the ecoENERGY Retrofit program to support an estimated 200,000 additional home retrofits.