The real estate industry is one of the big winners in the budget presented last week by the Conservative government. Cutting through the political double-speak, this is what it can mean to you:
- If you are buying your first home, or buying a more accessible home, you can get a $750 tax credit.
- You can now withdraw up to $25,000 for a single, or $50,000 for a couple, from your RRSPs to put towards your home purchase.
- You can get up to $1,350 in tax savings if you spend more than $1000 and less than $10,000 in home renovations, including making your home more energy efficient.
- Social housing renovations and energy retrofits will get a $1 billion injection.
- Housing for low-income seniors and disabled will get $400 million and $75 million, respectively, in construction support.
- The First Nations and social housing in the Territories will also get a $400 million boost.
If you are considering taking advantage of these government incentives, remember, they involve tax credits which means, you have to have the money first. Then, the government gives it back to you.