Canada's Mortgage Industry Welcomes Federal Budget Announcements

Last week, federal Finance Minister Jim Flaherty tabled the federal budget. Several measures affect Canada's housing and mortgage industry.

Temporary home renovations tax credit of up to $1,350 for eligible home renovations and alterations

Increase in the home buyers RSP plan, withdrawal limit increased to $25,000 from the current $20,000

A new first time home buyers tax credit that will provide up to $750 in tax relief for closing costs

Broad based personal tax reductions including an increase in the personal exemption and increases to the limits for the two lowest tax brackets