2009 Canadian Tax Cuts Summary
Under the Harper Conservatives’ “Canada Economic Action Plan”, there are several tax cuts that you will be able to take advantage of on your 2009 personal income tax return. A summary of these are:
- First-time Home Buyer’s tax Credit – a $750 tax credit if you have purchased your first home. http://www.cra.gc.ca/hbtc
- Public Transit tax credit – a tax credit of 15% of your bus and public transit passes. http://www.cra.gc.ca/transitpass
- Pension Income Splitting – up to 50% of pension income can be split with your spouse. http://www.cra.gc.ca/pensionsplitting
- Home Renovation tax credit – a tax credit of up to $1,350 on qualifying renovations made to your home. http://www.cra.gc.ca/hrtc"> http://www.cra.gc.ca/hrtc
- Children’s Fitness tax credit – up to $75 per child. http://www.cra.gc.ca/fitness
- Tradesperson’s tools expenses – A deduction of up to $500 from your net income for small tools purchased. http://www.cra.gc.ca/individuals"> http://www.cra.gc.ca/individuals
