Canada's Economic Action Plan

February 7, 2009

The Government of Canada's proposed Economic Action plan contains new tax measures that may benefit you.

If you are a homeowner, or are planning to become a homeowner, the Action Plan can help.


Support for home renovations.

  • For a limited time, the new Home Renovation Tax Credit (HRTC) means homeowners could receive up to $1350 in tax relief on renovation expenses.

Support for first-time home buyers

  • An increase to $25000 in the amount you can withdraw from your RRSP under the Home Buyers' Plan to purchase or build first home.
  • A First-Time Home Buyers' Tax Credit that allows you to save up to $750 on the closing costs of a first home.

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Tagged with: hrtc tax relief canada economic action plan first time home buyers renovations
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