Our Government is a strong supporter of home ownership. We recognize that for many Canadians, owning a home represents both the achievement of a key life goal and the most important investment of their lives. We have a record of providing targeted support to first-time home buyers. This includes the introduction of the First-Time Home Buyers' Tax Credit (Budget 2009) to provide up to $750 in tax relief for first-home buyers and increasing the limit under the Home Buyers' Plan from $20,000 to $25,000 (Budget 2009) to help first-time home buyers cover their down payment.
Our Government also introduced the Tax Free Savings Account (TFSA), which provides aspiring homeowners with the most flexible savings vehicle ever offered. In our most recent Budget, we doubled the amount that Canadian savers can contribute to their TFSA. Our Government has also delivered other landmark tax-saving initiatives, like slashing the GST and introducing the Family Tax Cut. As a result of our Government's action, Canada has one of the best job creation records in the G7, is consistently ranked among the best countries in the world to do business, and the federal tax burden is at its lowest level in a generation. This strong economic management has created a stable and confident environment for both real estate investment and home ownership. We will continue to look at ways to support aspirational homeowners enter the market.
- Prime Minister Stephen Harper
Excerpt from: CREA's " www.News2me.crea.ca "