The home buyers’ tax credit provides a $5000 non-refundable income tax credit on a qualifying home bought after January 27, 2009. This is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5000. This works out to be a tax relief of up to $750. This is a one-time credit only in the tax year you purchase your home.

First -time home buyers  can now withdraw up to $25,000 per person from their RRSP, in order to purchase or build a home after January 27, 2009.
For more information, go to www.cra.gc.ca.

Tags: Home buyers