Support for Home Ownership and the Housing Sector
- 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.
- 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.
Investments in Housing for Canadians
Social housing provides many Canadians with quality housing at affordable rates. Budget 2009 will invest in social housing by:
- Providing a one-time federal investment of $1 billion over two years for renovations and energy retrofits for up to 200,000 social housing units on a 50–50 cost-shared basis with provinces.
- Investing $400 million over two years for the construction of social housing units for low-income seniors.
- Investing $75 million over two years for the construction of social housing units for persons with disabilities.
- Dedicating $400 million over two years to new social housing projects and to remediation of existing social housing stock on First Nations reserves.
- Supporting social housing in the North with an additional $200 million over two years
Source: Federal Budget 2009