First-time home buyers get a (relatively) sweet deal in the new Conservative budget
By Catherine Vourakis
Let's just get one thing out of the way first- we know people were getting excited when it was leaked that there would be massive tax cuts for most people. But let's be realistic. We weren't surprised that they were tiny- we can't afford bigger ones. The tax savings to be gained by increasing the bracket amounts are paltry - a hundred bucks or so at best for most people. However, we thought there was enough for first time home buyers to like about this budget. First timers will be able to withdraw up to $25,000 from their RRSPs to go towards a home purchase, up $5,000. For a young couple, that extra $10,000 is a huge deal- it means having a bigger down payment, saving them thousands in mortgage interest payments, or it can go towards furnishing their new home and paying for it this yea...
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