Minister Toews visits home renovation site and meets homeowners who will benefit under tax credit plan
Effective January 27, any Canadian who spends money on home renovations will be eligible to receive up to $1,350 in tax relief, thanks to the new Home Renovation Tax Credit proposed in the Harper Government’s Economic Action Plan.
“For the next year, any Canadian who spends money on home renovations will be eligible to receive up to $1,350 in tax relief, thanks to this proposed tax credit. By providing an incentive for Canadians to invest in their homes, we are also encouraging them to invest in local jobs,” said Minister Toews.
To highlight the kind of projects that will be eligible under this plan, Minister Toews visited a home undergoing renovations in Portage La Prairie, meeting with the homeowners to discuss how this tax credit will help them with their renovations projects.
The Home Renovation Tax Credit will provide a one-year, temporary 15% income tax credit on eligible home renovation expenditures for work performed, or goods acquired, between January 27, 2009 and February 1, 2010. The credit may be claimed on eligible expenditures exceeding $1,000 but not more than $10,000.
This tax credit is one of several initiatives designed to help homeowners and homebuyers contained within the Government’s Economic Action Plan. Before homeowners, homebuyers, and local construction and building supply workers can benefit from these new initiatives, Parliament must pass the 2009-2010 Federal Budget.
