Helping Families Make Ends Meet
In these tough economic times, we understand that everyone is stretching to make ends meet. Our Government introduced measures that give families a break, long before the global recession hit, and now Canada’s Economic Action Plan is making sure families get the support they need.
We delivered a new child tax credit, the Universal Child Care Benefit and a break for families that enrol their kids in amateur sports.
The marriage penalty in the tax system has been removed.
And Registered Education Savings Plans have been strengthened, so families can plan better for the future.
We are also helping young families get a head start on buying their first homes, by providing up to $750 in tax relief and providing first-time home buyers with more flexibility to buy or build a home. They can now withdraw up to $25,000 from RRSP savings to do so, an increase from the previous limit of $20,000.
These measures don’t just help first-time homebuyers; they also stimulate our economy by boosting demand for housing, which is a key driver of economic activity in Canada.
Speaking of homes, the Home Renovation Tax Credit is a key component of our Economic Action Plan. We are lending a hand to families who want to improve their homes, and at the same time, giving a boost to tradespeople and business that produce and sell building materials.
This year, families will be able to claim a credit for eligible renovations worth up to $10,000 and receive up to $1350 in tax relief.
Right across the country, Canadian families are benefitting from this tax relief by improving kitchens and bathrooms, building new decks, laying new carpet or even putting on new roofs. It’s generating local business at everything from hardware stores to lumber yards.
In turn, the entire Canadian economy reaps the benefits. The Home Renovation Tax Credit, and the other new investments we’re making to stimulate the economy, are designed to create and protect jobs during this period.
All these measures reflect our belief that by making life a little easier for families, we can build a stronger Canada.
