FOR IMMEDIATE RELEASE

July 13, 2009

Mississauga, ON: An innovative initiative introduced as part of the federal government’s Economic Action Plan, the Home Renovation Tax Credit provides a 15% non-refundable tax credit for eligible home renovation expenditures for work performed or goods acquired after January 27, 2009 and before February 1, 2010.

Canadians who invest in home renovations this year are eligible to save up to $1,350. This new tax credit will increase the demand for labour, building materials and other goods. The credit, together with other tax incentives in our Economic Action Plan (such as the First-time Home Buyers’ Tax Credit and Home Buyers’ Plan withdrawal limits), will provide about $20 billion in new tax relief over five years for Canadian individuals and businesses.

“The HRTC is a well timed and much needed stimulus that Mississauga families can take advantage of right now,” said local Member of Parliament Bob Dechert. “The Home Renovation Tax Credit is set to expire on January 31, 2010 which is why I am encouraging residents of Mississauga and Peel Region to take advantage of this temporary opportunity to save on their taxes while reinvesting in local jobs”, said Mr. Dechert.

The HRTC is expected to benefit close to 4.6 million Canadian families. Mississauga and Peel Region residents can take advantage of the credit when filing their income tax returns for 2009 by keeping all expenditure receipts.

For more information, please call MP Bob Dechert’s office at 905-897-1952 or email decheb@parl.gc.ca.

For more information contact:
Bob Dechert, MP
Mississauga Erindale
(613) 955-7321