Home Renovation Tax
Credit a Boost for York-Simcoe
Budget Addresses
Economic Challenges Head-On
For Immediate Release
January 27, 2009
(Ottawa) -
Today Peter Van Loan,
MP for York-Simcoe welcomed the new Federal
Budget – Canada’s
Economic Action Plan - especially the
proposed Home Renovation Tax Credit.
"The Home Renovation Tax
Credit will benefit residents of York-Simcoe
by increasing the long term value of their
homes and create economic activity by
increasing the demand for labour, building
materials and other goods," said Van Loan.
"Many local residents work in trades, run
home improvement businesses or work selling
and distributing home improvement goods and
supplies. This tax credit will be a
big boost for our local economy."
Effective tomorrow and extending until
January 31, 2010, this measure will provide
tax relief for home renovation costs –
saving Canadian families up to $1,350 each
on their 2009 taxes.
Costs above
$1,000 to a maximum of $10,000 are eligible.
Eligible expenditures
include improvements like renovating a
kitchen, installing new flooring, building
an addition, deck or fence, installing a new
furnace or water heater, resurfacing a
driveway, landscaping and painting.
This can be to a home or cottage.
"In
the process of preparing the budget I
pressed for a measure like the Renovation
Tax Credit to help families," said Van Loan.
"I am delighted
and expect to see thousands of families in
York-Simcoe take advantage of this
opportunity."
Canada’s
Economic Action Plan is a bold multi-year
approach to stimulate the economy and
protect the country during the current
global recession.
-30-
For more information please contact Peter
Van Loan (613) 996-7752.
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