The Budget proposes:
- an increase from $20,000. to $25,000 for the amount an eligible candidate can withdraw from their RRSP tax-free to purchase a home on the Home Buyers' Plan (HBP).
- a new non-refundable tax credit for qualified first-time home buyers in the amount of $5000. multiplied by the lowest personal income tax rate for the year (eg: 15%)
- a temporary Home Renovation Tax Credit (HRTC) allowing a 15% non-refundable income tax credit on eligible home renovation expenditures ofor work performed or goods acquired.
