Purchase, Refinance Plus Improvements

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Purchase/Refinance Plus Improvements

This plan allows you to either purchase or refinance a property and in additionto borrow up to a maximum of 10% of the estimated improved value of the home in order to complete improvements to that same property.

This would also be a good time to check out the $10,000 in federal and provincial grants available under the NRCan ecoENERGY Retrofit-Homes program. In such a case you may also be eligible for a 10% refund of the CMHC mortgage default insurance premium. 

The 2009 Federal Budget proposed the introduction of a temporary (after January 27, 2009 but before February 1, 2010) Home Renovation Tax Credit. For the 2009 tax year only, individuals will be able to claim a 15% non-refundable tax credit for eligible expenditures made in respect to their homes. The credit applies to expenditures in excess of $1000 and up to $10,000, therefore providing a maximum credit of $1350 i.e. $10,000 - $1000 = $9000 x 15% = $1,350. Similar to the First Time Home Buyers’ Credit this credit is family based, meaning that the maximum credit may be split between spouse or common-law partners. In this case it would also make sense for the higher income earner to claim the credit. 

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