New Federal Budget Housing Announcements

<<<<<<<>>>>>>>

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

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

<<<<<<<>>>>>>>
· Temporary home renovations tax credit, up to $1,350 for eligible home renovations and alterations

Federal Budget Announcements
www.budget.gc.ca/2009

Home Renovation Tax Credit
www.cra-arc.gc.ca and www.fin.gc.ca

An Ideal 2nd Mortgage

An ideal 2nd mortgage - Home Equity Line Visa


* Fully open line of credit

* Access to Visa card and cheques

* No annual fee

* Monthly payment can be as low as 1% of balance

* Credit line limit up to 85% appraised value

* Interest rate at Prime plus

* self declared income (no tax returns or NOA’s)

* Derogatory credit requires satisfactory explanation

>> 1st mortgage must be institutional & up to date <<