JONQUIERE, QUEBEC, Jul 13 (MARKET WIRE) --
The Honourable Jean-Pierre Blackburn, Minister of National Revenue and
Minister of State (Agriculture and Agri-Food) announces the official
launch of a new national advertising campaign for the Home Renovation Tax
Credit (HRTC), together with Michel Leclerc, Operations Director for
Potvin et Bouchard stores.
"The Home Renovation Tax Credit is one of the key incentives introduced
by the Conservative Government as part of its Economic Action Plan to
provide a timely stimulus to the Canadian economy," said Minister
Blackburn. "We want to ensure that Canadian homeowners know about this
credit and take full advantage of it. This is why we are launching this
national advertising campaign."
The advertising campaign includes advertising through television, select
magazines, Internet, and digital screens. It is also complemented by a
national partnership program, with point-of-sale HRTC displays in large
national retail establishments where home renovation products are sold.
By mid-August, these establishments and their affiliates should have HRTC
information displays with envelopes that people will be able to use to
keep their receipts and related documents to claim the credit.
"The HRTC is an important step made by the federal government in
addressing the current economic situation and represents a crucial
incentive for Canadian homeowners to invest now in their homes," said Mr.
Leclerc. "Thanks to this tax incentive, as a retailer, I can offer
complementary promotions that are more meaningful and timely for
homeowners."
The HRTC is a time-limited, non-refundable tax credit of up to $1,350
that can be claimed for eligible expenditures made for renovations and
alterations of an enduring nature made to a dwelling eligible to be a
principal residence which may include a house, condominium, cottage, and
the land that forms part of it. Canadian homeowners who are thinking
about renovating their kitchen, replacing their furnace or installing new
windows or a new fence, for example, could really benefit from this
credit.
"The government realizes that home renovations increase the long-term
value of a home and create economic activity by increasing the demand for
labour, building materials, and other goods," said Minister Blackburn.
"The HRTC alone provides about $3 billion in tax relief and is part of
the $62 billion in stimulus delivered through the Economic Action Plan.
For an estimated 4.6 million Canadian families, this means that they will
be able to put their tax dollars back into their homes."
The HRTC can be claimed on the 2009 income tax and benefit return for
eligible expenditures that total more than $1,000, and up to $10,000,
which are made between January 28, 2009 and January 31, 2010. To claim
the HRTC, Canadians should ensure they keep supporting documents such as
receipts to support their claim.
The HRTC has already raised a lot of interest among Canadians, and the
Canada Revenue Agency has responded to more than 700,000 enquiries about
the credit so far through its Web site and telephone lines. For more
information about the Home Renovation Tax Credit, go to actionplan.gc.ca
or cra.gc.ca/hrtc, or call 1-877-959-1-CRA (in French 1-888-959-1-ARC).
FACT SHEET
The Home Renovation Tax Credit
The Home Renovation Tax Credit (HRTC) is a temporary non-refundable tax
credit that applies to eligible home renovation expenditures for work
performed or goods acquired, between January 28, 2009 and January 31,
2010, in respect of an eligible dwelling.
It will provide Canadian families up to $1,350 in tax relief. The credit
is calculated as 15% of eligible home renovation expenditures with a
total of more than $1,000, and up to $10,000. An estimated 4.6 million
Canadian families will benefit from the HRTC.
A new line and schedule will be incorporated in the 2009 personal income
tax return to allow Canadians to calculate and claim the credit. The HRTC
will not be reduced by any other tax credits or grants to which a
taxpayer is entitled for the same expenditures under other government
programs. For example, if an eligible expenditure also qualifies for the
medical expense tax credit (METC), both the METC and the HRTC can be
claimed.
Eligibility
The HRTC can be claimed for most renovations or alterations to homes or
properties that are enduring in nature. If the item purchased will not
become an integral part of your home or property, it is not eligible.
Generally, any dwelling owned by Canadians and used personally by them
can qualify, including their homes, condominiums or cottages.
Eligibility for the HRTC will be family based. A family will generally be
considered to consist of an individual or an individual and his or her
spouse or common-law partner, including children who will be under 18
years of age at the end of 2009. A family will be allowed a single credit
that may be shared within the family.
Supporting documentation
Canadians should keep all their receipts and relevant supporting
documentation. Appropriate documentation can include agreements, invoices
and receipts, and must clearly identify the type and quantity of goods
purchased or services provided.
Canada's Economic Action Plan
The HRTC was introduced through the federal government's 2009 budget,
also known as the Economic Action Plan. The credit, as well as the Home
Buyers' Tax Credit, and Home Buyers' Plan withdrawal limits, are tax
incentives introduced to address the challenges of the global recession.
The Economic Action Plan measures are meant to encourage investments in
Canada's housing stock, create jobs, and boost sales for building
materials and other products. They will provide about $20 billion in new
tax relief over five years for Canadian individuals and businesses. It is
expected that the HRTC alone will provide about $3 billion in tax relief
and encourage investments in Canada's housing stock. The Economic Action
Plan aims to protect Canadian jobs and incomes by delivering $62 billion
in stimulus to the economy.
Advertising
The Canada Revenue Agency kicked off its new national advertising
campaign for the Home Renovation Tax Credit the week of July 13, 2009.
The campaign includes advertising through television, select magazines,
Internet and digital screens (transit in Toronto, Vancouver and Montreal,
as well as elevators in office buildings in Toronto, Vancouver, Montreal,
Calgary, and Edmonton).
The advertising campaign is complemented by a partnership program, with
point-of-sale HRTC displays in large national retail establishments where
home renovation products are sold. By mid-August, these establishments
and their affiliates should have HRTC information displays with envelopes
that people will be able to use to keep their receipts and related
documents to claim the credit.
In addition, there will be a direct mail component in September where
approximately 3.5 million homes that are 15 years old or older will be
targeted, as they are more likely to require home renovations.
The Home Renovation Tax Credit is subject to Parliamentary approval.
For more information about the Home Renovation Tax Credit and eligibility
criteria, visit cra.gc.ca/hrtc or actionplan.gc.ca, or call
1-877-959-1-CRA (in French 1-888-959-1-ARC).
Contacts:
Canada Revenue Agency
Noel Carisse
Media Relations
613-952-9184
Office of the Minister of National Revenue
Natalie Boileau
Director of Communications (Acting)
613-995-2960
Copyright 2009, Market Wire, All rights reserved.
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