A brief round-up of changes in the Federal budget relating to home ownership.

Gone

The popular Home Renovation Tax Credit which expired January 31, 2010 was not extended. Homeowners received up to $1,350 in tax relief for home renovation projects costing $1,000 - $10,000.

Enhancements

ecoENERGY retrofit program: $80 million in new tax credits for homeowners for energy-efficient retrofits. The goal is to encourage the development and installation of next-generation products and to foster improved techniques in home construction and renovation.

Please note that the guidelines to this program changed effective March 31, 2010.  Learn more >> 

New

The federal government will standardize the calculation and disclosure of mortgage pre-payment penalties.

Remaining

• The First-time Home Buyers' Tax Credit remains. Qualifying homebuyers are eligible for this tax credit, worth $750.
• The Home Buyers’ Plan remains. Home buyers can withdraw up to $25,000 from their RRSP for a downpayment, 
  couples can withdraw $50,000.