First time buyers
1. RRSP Home Buyers Plan (HBP) has increased to $25,000. The RRSP Home Buyers plans is a program that allows first time home buyers to withdraw up to $25,000 ( as of 2009 federal budget) from their RRSP towards their first home TAX FREE. http//:www.cra-arc.gc.ca/E/pub/tg/rc4135-2.html
2. A First time buyer tax credit on up to $5,000 worth in expenses on your first home. Since this is a federal tax credit, you would get 15% back, which is up to $750 cash back.
3. Two Land Transfer Tax (LTT) Rebates: a. Toronto LTT = up to $3725, and b. Provincial LTT = up to $2000.

All homebuyers
1. Home Renovation Tax Credit --up to $1350 tax credit for improvements costing more than $1000.
2. CHMC Purchase Plus Improvements Program-- Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property. This option eliminates the need to obtain a secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from the first mortgage interest rates.
Details
The insured loan will be based on the lower of:
ß The purchase price plus the actual cost of improvements, or,
ß The ‘as improved’ market value. Prior to approval, CMHC will determine the market value of the property after the renovations or improvements. The lending value will not exceed the market value of the property after the renovations or improvements.

Successful applicants must meet the following criteria:
ß A minimum of 5% down payment of the total cost (purchase price plus renovations or improvements).
ß Cost estimates for renovations or improvements.
ß Qualifications to obtain a CMHC-insured loan through an approved lender
Example
You purchase a home for $300,00. While the existing kitchen may be fully functional, the style may be old and you want to change to a more up-to-date look.

As well, you may want to change the flooring in the dining room to hardwood or ceramic tile.

The total cost of the proposed renovations will be approximately $30,000.

Upon CMHC approval, your mortgage will be 95% of the future value of the home with the renovatios completed ($330,000). Instead of a down payment of $15,000 on the purchase price of the $300,00, your down payment will now increase to $16,500 (5%of the $330,000).

3. ecoENERGY Retrofit for Homes provides home and property owners with grants of up to $5,000to offset the cost of making energy-efficiency improvements. ecoENERGY retrofit grants apply to a host of measures that reduce energy consumption and provide for a cleaner environment, from increasing insulation to upgrading a furnace. An energy audit by an approved professional must be done in order to be reimbursed. For more information: http://oee.nrcan.gc.ca/residential/personal/home-improvement.cfm?attr=0