financial help for first-time home buyers

In response to the federal budget release last month, the Canada Revenue Agency has prepared information explaining the budget measure to increase the amount that Canadians can borrow from their Registered Retirement Savings Plan (RRSP) from $20,000 to $25,000 as part of the first-time home buyers plan.

Following is text from the news release on the CRA web site. The full text of the news release appears at:
http://www.cra-arc.gc.ca/nwsrm/rlss/2009/m02/nr090202-eng.html

Canada's Government introduces financial help for first-time home buyers Ottawa, Ontario, February 2, 2009... The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister John Baird, Canada's Minister of Infrastructure, Transportation and Communities and Member of Parliament for Ottawa West - Nepean, highlighted key initiatives from Budget 2009: Canada's Economic Action Plan that will benefit first-time home buyers.

Canada's Economic Action Plan supports the Canadian home construction and real estate industries, with a First-Time Home Buyers' tax credit that will provide up to $750 in tax relief to first-time home buyers; and an increase in the amount that they can withdraw from an RRSP to purchase a home from $20,000 to $25,000.