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BUDGET 2009: NEW HOME RENOVATION TAX CREDIT TAKES EFFECT TODAY
January 28, 2021
Ottawa, ON – Effective today, any Canadian who spends money on home renovations will be eligible to receive up to $1350 in tax relief thanks to the new Home Renovation Tax Credit proposed in our Government’s Economic Action Plan. “Every time Canadians invest in home renovations, they are helping to create constructions and building-supplies jobs in their own communities,” Tilson was quoted as saying. “This incentive will not only reduce the cost to Canadians of investing in their homes, it will provide an immediate and much-needed stimulus to the economy.” 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, 2021 and February 1, 2010. The credit may be claimed on eligible expenditures exceeding $1000 but no more than $10 000. The Home Renovation Tax Credit is one of several initiatives to help homeowners and homebuyers contained within our Government’s Economic Action Plan. |
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