The Government of Canada has introduced a number of temporary tax incentives for first-time homebuyers and homeowners:

Home Renovation Tax Credit

A non-refundable tax credit for work performed or goods acquired in relation to a renovation or alteration to an eligible dwelling, or the land on which it sits, after January 27, 2009 and before February 1, 2010. The 15% credit may be claimed on the portion of eligible credits exceeding $1,000 but not more than $10,000, for a maximum credit of $1,350.  There is a list of what goods and services qualify for the credit using the link above.

 

This non-refundable tax credit is designed to help defray such costs as legal fees and land transfer taxes. Starting in 2009, this 15% tax credit applies on expenditures of up to $5,000, with a maximum credit of $750. The government has specific conditions for what constitutes a first-time buyer; persons with disabilities do not have to be a first time buyer to qualify for this credit.

 

The maximum amount you can withdraw from your RRSP to build or buy a home has been raised from $20,000 to $25,000. There are a number of conditions which must be met. Use the link to get more information.