Ottawa, December 16, 2009
Archived - Government of Canada Implements the Home Renovation Tax Credit and Other Outstanding Measures
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The Honourable Jim Flaherty, Minister of Finance, today announced that Bill C-51, which implements the Home Renovation Tax Credit as well as other measures, several of which are outstanding from Budget 2009, received Royal Assent.
“These measures will provide some welcome relief for hard-working Canadians,” said Minister Flaherty. “Many homeowners have already taken advantage of the Home Renovation Tax Credit to improve and invest in the long-term value of their homes. The passage of this bill means that they can enjoy the holidays secure in the knowledge that they will receive the tax credit come income tax time.”
In addition, the bill:
- Implements the First-Time Home Buyers’ Tax Credit.
- Enhances the benefits provided under the Working Income Tax Benefit.
- Extends the existing tax deferral available to farmers in prescribed drought regions to those who dispose of breeding livestock because of flood or excessive moisture and sets out the regions prescribed either as eligible flood or drought regions in 2007 to 2009.
- Enhances Canada Pension Plan (CPP) benefits by removing the work cessation test starting 2012, enhancing the general drop-out provision, extending participation to working beneficiaries and improving fairness in the pension adjustments for early and late CPP take-up.
“It is also important to ensure that those who are in need and those who are receiving pensions are well taken care of, which is why I am also pleased with the changes we have made to the Canada Pension Plan and the Working Income Tax Benefit,” added Minister Flaherty. “And hard-working farmers will certainly benefit from the extension of the tax deferral to flood regions.”
More information on these and other measures can be obtained by visiting the Department of Finance website or by phoning 1-800-O-Canada (1-800-622-6232) or 1‑800-926-9105 (TTY for the speech and hearing impaired/deaf).
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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