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Federal Budget 2023: Highlights for Homeowners/Homebuyers

April 14, 2023 | Posted by: Aaron Baxandall

Federal Budget 2023: Highlights for Homeowners/Homebuyers

  • - A two-year ban on non-resident, non-Canadians purchasing residential property is in effect to curb speculation and ensure houses are used as homes for Canadians.
  • - The Tax-Free First Home Savings Account is here! This will allow first-time buyers to save up to $40,000 tax-free to buy their first home.
  • - Profits from flipping properties held for less than 12 months are fully taxed as income.
  • - The First-Time Home Buyers' Tax Credit has doubled to provide up to $1,500 in direct support to home buyers to offset closing costs.
  • - The Multigenerational Home Renovation Tax Credit provides up to $7,500 in support for constructing a secondary suite for a senior or an adult with a disability.
  • - GST/HST will be applied to all assignment sales of newly constructed or substantially renovated residential housing.
  • - A top-up to the Canada Housing Benefit in December 2022 provided low-income renters with a $500 payment to help with the cost of housing.

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