Julie Tidiman

The Bank of Canada just lowered their overnight lending rate to a record low of 0.5%. Major banks followed by lowering their PRIME lending rate to a historical low of 2.5%.

The 1st Time Home Buyer's Plan has a newly increased withdrawal limit of $25,000 from $20,000 to assist 1^st Time Home Buyers by allowing them to withdraw from their RRSPs to buy a home. Eligible couples can now withdraw up to $50,000.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

The 1st Time Home Buyer's Tax Credit is a new tax credit of up to $750 to help 1^st Time Home Buyers with closing costs such as land transfer taxes and legal fees.

Visit the following website for additional information:

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

The Home Renovation tax credit is a new temporary tax credit of up to $1,350 for homeowners who renovate. The credit will only be available for the 2009 tax year and applied to eligible expenditures of more than $1,000 but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).

Visit the following site for additional information and a list of eligible expenditures:
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The Bank of Canada just lowered their overnight lending rate to a record low of 1%. Major banks followed by lowering their PRIME lending rate to a historical low of 3%.