Mr. Speaker, Canada's economic action plan contains a number of important economic stimulus measures that will assist homeowners wishing to renovate and first time home buyers.
The home buyers plan will now allow first time home buyers to withdraw $25,000, $50,000 for couples, from their own retirement savings to purchase or construct a new home. The new first time home buyers tax credit will save new home buyers up to $750 on closing costs when buying a new home The new home renovation tax credit will provide tax relief for home renovation costs and will save Canadian families up to $1,350 on their 2009 taxes.
The Minister of Finance invited the public and members of Parliament from all parties to make recommendations for his 2009 budget. I am pleased he accepted my recommendation to update the borrowing limits for the home buyers plan to reflect the challenges faced by first time home buyers.