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Federal Budget 2010 – Mixed news for home buyers and homeowners

Federal Budget 2010 – Mixed news for home buyers and homeowners

Good-bye

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

Hello

ecoENERGY retrofit program: homeowners who make their homes more for energy-efficient, can claim tax credits.

Employment Insurance (EI): Self-employed Canadians, including REALTORS® will be eligible for EI special benefits – maternity, parental, compassionate care and sick leave. This is a voluntary opt-in program, lobbied for by the Canadian Real Estate Association (CREA).

Major projects construction: $7.7 billion Canada-wide will create jobs in infrastructure building (highway upgrades, port upgrades, and new community centres) to keep Canadians working.

Temporary 100% capital cost allowance rate for computers: to help businesses with new technology, the government offers a temporary two-year, 100% CCA rate for computers bought before February 1, 2011.

Staying

  • The First-time Home Buyers' Tax Credit remains. Qualifying home, buyers 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. CREA lobbied for this initiative.

New initiatives

  • Standardize the calculation and disclosure of mortgage pre-payment penalties.
  • Establish a Red Tape Reduction Commission which will include representatives from the private sector.

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Moving towards a National Housing Strategy

May 1st, 2017
Moving towards a National Housing Strategy The Canadian Real Estate Association and its member real estate boards and associations across Canada have long advocated for better access to ...Click here to read more detail about 'Moving towards a National Housing Strategy'

What are the key challenges we face as a profession?

February 18th, 2016
What are the key challenges we face as a profession? If someone were to ask me what one characteristic Realtors® share, I'd say - adaptability.  Take a minute and think about i...Click here to read more detail about 'What are the key challenges we face as a profession?'

Will a luxury or speculation tax create more affordable housing?

February 2nd, 2016
Will a luxury or speculation tax create more affordable housing? In the last month, both the Mayor of Vancouver and economists from the University of British Columbia and Simon Fraser Un...Click here to read more detail about 'Will a luxury or speculation tax create more affordable housing?'