Starting January 1, 2009 an individual ( other than a trust) who is resident in Canada and 18 years of age or older will be eligible to establish a TFSA. Annual contribution limit established for 2009 is $5,000. This limit will be indexed to inflation and the annual additions to contribution room will be rounded to the nearest $500.
HOME RENOVATION TAX CREDIT (HRTC)
In 2009 15% non-refundable tax credit will be available to individuals for eligible expenditures in excess of $1,000, but not more than $10,000, made in respect of eligible dwellings to a maximum credit of $1,350 ($9,000 x 15%). Work must be performed or goods acquired between January 28, 2009 to January 31, 2010.
FIRST-TIME HOME BUYER’S TAX CREDIT
A non-refundable tax credit will be available for first-time home buyers who acquire a qualifying home after January 27, 2009. The tax credit is 15% of $5,000 (or $750 for 2009) and is claimable in the year in which the home is acquired.
2009 Dickson, Stojak, Brown Chartered Accountants All Rights Reserved
