PwC Federal Budget Instant Reaction: Time to renovate!



    First time home buyers also get some help

    OTTAWA, Jan. 27 /CNW/ - PricewaterhouseCoopers (PwC) Canada tax
specialists commented today:

    If you were planning on adding an addition to your house or sprucing up
the backyard, 2009 will be the year to do so. Budget 2009 provides up to $7.8
billion for housing construction and renovation, including a temporary Home
Renovation Tax Credit of up to $1,350 for eligible home renovations and
alterations. For instance:

    
    -   Renovating a kitchen, bathroom, or basement
    -   New carpet or hardwood floors
    -   Building an addition, deck, fence or retaining wall
    -   A new furnace or water heater
    -   Painting the interior or exterior of a house
    -   Resurfacing a driveway
    -   Laying new sod
    

    Home buyers will also get an increase to the Home Buyers' Plan withdrawal
limit to $25,000 from $20,000. Also there is a new First-Time Home Buyers' Tax
Credit that will provide up to $750 in tax relief when purchasing a first
home.
    Budget 2009 also puts forth the ecoENERGY Retrofit program to give home
and property owners grants of up to $5,000 to offset the costs of making
energy-efficiency improvements. Grants apply to a variety of measures that
reduce energy consumption from increasing insulation to upgrading a furnace.
    Budget 2009 provides an additional $300 million over two years to the
ecoENERGY Retrofit program to support an estimated 200,000 additional home
retrofits.
    A PwC Budget Flash with additional Budget highlights will be issued later
today followed by a detailed Budget Memo. For more information and detailed
commentary on the Budget please contact, Carolyn Forest,
carolyn.forest@ca.pwc.com, 416-814-5730 or visit www.pwc.com/ca/budget.

    PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance,
tax and advisory services to build public trust and enhance value for its
clients and their stakeholders. More than 155,000 people in 153 countries
across our network share their thinking, experience and solutions to develop
fresh perspectives and practical advice. In Canada, PricewaterhouseCoopers LLP
(www.pwc.com/ca) and its related entities have more than 5,200 partners and
staff in offices across the country.
    "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP, an Ontario
limited liability partnership, or, as the context requires, the
PricewaterhouseCoopers global network or other member firms of the network,
each of which is a separate and independent legal entity.





For further information:

For further information: Carolyn Forest, PricewaterhouseCoopers LLP,
(416) 814-5730, carolyn.forest@ca.pwc.com

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PwC

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FEDERAL BUDGET 2009

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